Oil prices are rising with Trump's threat of laying sanctions on the crude of Iran

Oil -futures ended a series of losses by restoring financial markets and the threat of US President Donald Trump to compile larger sanctions on Iranian oil buyers. Brent raised by 1.75% to place at $ 61.46 a barrel, while the West Texas West Rait closed 1.8% at $ 59.24 a barrel, in its largest daily profits in more than a week, after Trump said that any country or entity buying oil or petrochemicals would be subject to secondary sanctions. This increase has come after sharp declines in prices since last month, when the “OPEC+” coalition decided to increase oil production with more than previous estimates from May, with 411 thousand barrels per day, equivalent to three months of planned increases. Reuters also reported that Saudi officials informed their allies that the kingdom could carry a period of low prices, increasing expectations that “OPEC+” could move to a new rise in supplies during a May 5 meeting. Republican Senator Lindsey Graham, Trump’s ally in the Senate, said he received the support of 72 members of a draft law imposing “overwhelming” sanctions against Russia, which includes countries being imposed on countries buying Russian oil, as Vladimir Putin was not yet serious about ending the war. The United States also continued to set up repeated sanctions on the entities that participated in the transport of Iranian oil, and also targeted Venezuela’s shipping. Despite these developments, supporting prices, the statements on Wednesday showed that the US economy was shrinking for the first time since 2022, while factory activity in China has fallen to the worst shrinkage since 2023. This negative data has overwhelmed a decrease in rough and petrol supply over the past week.