Crude Oil Extends Surge Amid Concerns About Iranian Exports

(RTTNews) - Crude oil futures moved sharply higher during trading on Thursday, extending the strong upward move seen in the previous session.

After jumping $1.14 or 1.9 percent to $62.47 a barrel, crude for May delivery spiked $2.21 or 3.5 percent to $64.68 a barrel.

The continued surge by the price of crude oil came amid ongoing concerns about Iranian oil exports after Treasury Secretary Scott Bessent said the U.S will continue to apply pressure on Iran after imposing new sanctions on Chinese importers of Iranian crude oil on Wednesday.

"We will apply maximum pressure on Iran and disrupt the regime's oil supply chain and exports, which support terrorist proxies and partners," Bessent posted on X. "Any refinery, company, or broker that chooses to purchase Iranian oil or facilitate Iran's oil trade places itself at serious risk."

He added, "We are prepared to take all actions available to get Iran's energy exports down to zero, where they belong, and keep Americans safe."

The increase by the price of crude oil may also have reflected optimism about possible trade deals following upbeat comments from President Donald Trump

Trump said in a post on Truth Social on Wednesday that "big progress" had been made in a meeting with the Japanese trade delegation.

"Had a very productive call with the President of Mexico yesterday," he added in a post this morning. "Likewise, I met with the highest level Japanese Trade Representatives. It was a very productive meeting. Every Nation, including China, wants to meet! Today, Italy!"