Oil extends climb on fresh Iran sanctions, lower US crude stocks | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
June 14, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JUNE 14, 2025
Oil extends climb on fresh Iran sanctions, lower US crude stocks

Global Economy

Reuters
23 April, 2025, 11:30 am
Last modified: 23 April, 2025, 01:28 pm

Related News

  • Who is Amir Hatami, the man to lead Iran's army after Israeli strikes kill top generals?
  • 'Tehran will burn' if it continues firing missiles: Israel's defence minister
  • Tehran-Tel Aviv devastated by counterattacks
  • Iran says talks with US 'meaningless' after Israel attack, but yet to decide on attending
  • Iran launches waves of missiles at Israel in response to airstrikes

Oil extends climb on fresh Iran sanctions, lower US crude stocks

Brent crude futures climbed 55 cents, or 0.8%, to $67.99 a barrel at 0400 GMT, while US West Texas Intermediate crude was up 54 cents, or 0.9%, at $64.21 a barrel

Reuters
23 April, 2025, 11:30 am
Last modified: 23 April, 2025, 01:28 pm
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US November 24, 2019. Photo: REUTERS/Angus Mordant/File Photo
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US November 24, 2019. Photo: REUTERS/Angus Mordant/File Photo

Oil prices rose on Wednesday, extending the prior day's gains, as investors weighed a fresh round of US sanctions on Iran, a drop in US crude stocks and a softer tone from President Donald Trump toward the Federal Reserve.

Brent crude futures climbed 55 cents, or 0.8%, to $67.99 a barrel at 0400 GMT, while US West Texas Intermediate crude was up 54 cents, or 0.9%, at $64.21 a barrel.

The US issued new sanctions targeting Iranian liquefied petroleum gas and crude oil shipping magnate Seyed Asadoollah Emamjomeh and his corporate network on Tuesday.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Emamjomeh's network is responsible for shipping hundreds of millions of dollars' worth of Iranian LPG and crude oil to foreign markets, the US Treasury said in a statement.

"The US issued fresh sanctions targeting Iranian energy supplies, which worried markets," said senior market analyst Priyanka Sachdeva at Phillip Nova.

Both benchmark prices this morning were also backed by hope of positive turnout between the US and China over import tariffs, Sachdeva said.

Trump on Tuesday backed off from the notion of firing Fed Chair Jerome Powell after days of intensifying criticism for not cutting interest rates. Trump also signalled the possibility of lower tariffs on Chinese imports.

Meanwhile, US crude oil inventories fell by around 4.6 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data.

US government data on oil stockpiles is due at 10:30 am ET (1430 GMT) on Wednesday. Analysts on average estimated an 800,000 barrel decline in US crude oil stocks last week, a Reuters poll showed.

Trump told reporters on Tuesday he would be "nice" in negotiations with China and that tariffs would fall significantly following a deal, but not to zero.

US Treasury Secretary Scott Bessent said he believed there will be de-escalation in Sino-US trade tension but that negotiations have not yet started and would be a "slog", a person who heard his closed-door presentation to investors at a JP Morgan conference told Reuters.

Trade tariffs have weighed on crude futures on investor concern about their potential to slow global economic growth.

Top News / World+Biz

Brent crude / Brent / Trump Trade War / United States (US) / Iran

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel
  • Chief Adviser Professor Muhammad Yunus of the Bangladesh interim government. Sketch: TBS
    UK lawyers hired to recover stolen money: CA Yunus
  • News of The Day, 14 JUNE 2025
    News of The Day, 14 JUNE 2025

MOST VIEWED

  • Energy adviser Fouzul Kabir Khan with other government officials during a visit to Sylhet gas field on 13 June 2025. Photo: TBS
    I would disconnect gas supply to every home in Dhaka if I could: Energy adviser
  • Infographic: TBS
    Govt plans incentives for Bangladeshis bringing in foreign investment
  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • BNP Acting Chairperson Tarique Rahman and Chief Adviser  Muhammad Yunus meet at Dorchester Hotel in London, UK on 13 June 2025. Photo: CA Press Wing
    National polls possible in 2nd week of February, agree Yunus, Tarique in 'historic' London meeting
  • Infographics: TBS
    220MW solar power plant planned in Feni
  • Rescuers work at the scene of a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Tehran retaliates with 100 drones after Israel strikes Iran's nuclear facilities, kills military leaders

Related News

  • Who is Amir Hatami, the man to lead Iran's army after Israeli strikes kill top generals?
  • 'Tehran will burn' if it continues firing missiles: Israel's defence minister
  • Tehran-Tel Aviv devastated by counterattacks
  • Iran says talks with US 'meaningless' after Israel attack, but yet to decide on attending
  • Iran launches waves of missiles at Israel in response to airstrikes

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

5d | Features

More Videos from TBS

Beach Sand Tragedy: Negligence or Natural Disaster?

Beach Sand Tragedy: Negligence or Natural Disaster?

30m | TBS Stories
News of The Day, 14 JUNE 2025

News of The Day, 14 JUNE 2025

1h | TBS News of the day
Major General Hatemi is the new chief of staff of Iran's army

Major General Hatemi is the new chief of staff of Iran's army

2h | TBS World
Israel-Iran conflict: 45-year enmity now taking full military form

Israel-Iran conflict: 45-year enmity now taking full military form

2h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net