Brent crude oil futures climbed above $68 per barrel on Wednesday, building on a nearly 2% gain from the previous session, driven by new US sanctions and a significant decline in crude inventories.
The United States announced fresh restrictions targeting a key Iranian figure accused of being involved in LPG and crude shipping, raising speculation that Iranian oil exports could face further pressure. At the same time, industry data indicated US crude stockpiles fell by 4.6 million barrels last week, which, if confirmed by official data, would mark the largest draw since November.
Market sentiment was further lifted by Trump administration comments pointing to progress in trade negotiations with India and Japan, and highlighting the unsustainability of the US-China trade impasse. Additionally, President Trump’s assurance that he has no plans to remove Federal Reserve Chair Jerome Powell helped ease concerns over the independence of US monetary policy.
