JAKARTA – Brent and West Texas Intermediate (WTI) crude oil futures rose more than 2% in Tuesday’s (22/4) trading, following the United States’ decision to impose additional sanctions on Iran.

Brent crude climbed 1.8% to USD 67.44 per barrel, while WTI surged 2.93% to USD 64.24 per barrel, according to data from the Intercontinental Exchange (ICE).

Although oil prices rose in response to the new US sanctions on Iran, Reuters reported on Wednesday (23/4) that global supply remains abundant.

Oil-producing countries in the OPEC+ alliance are scheduled to increase production by 411,000 barrels starting in May 2025. Meanwhile, output from non-OPEC+ countries also continues to rise.

“The tariff war between the US and China is unlikely to escalate further, as any significant tariff hikes could halt trade between the two and trigger a spike in consumer prices,” said PVM Oil Associates.

On Monday (21/4/2025), the US Dollar Index (DXY) dropped to its lowest level in three years, while the Dow Jones Index has declined 9.6% since the US announced reciprocal tariffs. (DH/KR/ZH)