Oil rises as we reach out new sanctions that target on Chinese importers of Iranian oil

* US issues New sanctions on Chinese import of Iranian oil * Global trading tensions dominate * US crude stocks rose last week, EIA data shows * Chinese quarterly GDP beating expectations (updates at 11:43 am EDT, changes Bylline, Dateline, previous London) by Georgina McCartney Houson, April 16 (Reuters) – Washingel issued at Washington. Chinese importers of Iranian oil. Brent -Ru -Termks rose $ 1.08, or 1.67%, to $ 65.75 a barrel at 11:43 EDT (1543 GMT), while the US between US Western Texas rose $ 1.14, or 1.86%, to $ 62.47. The US on Wednesday issued new sanctions aimed at Iran’s oil exports, including a “Teapot Refinery” in China, as President Donald Trump wants to increase the pressure on Tehran and to zero Iranian oil exports. The action comes because the US government started the negotiations with Iran last weekend about its nuclear program with talks in Oman and expected a second round in Rome this weekend. Meanwhile, Iran’s right to enrich uranium is not negotiable, Foreign Minister Abbas Araqchi said on Wednesday before the talks in Rome. In a report by Bloomberg, an anonymous source was cited and said that China wanted more respect from the Trump administration before agreeing to talks, analysts said. “A unknowing of the US -China trade war would reduce the disadvantage in economic growth prospects and limit the disadvantage of the growth in oil demand,” UBS analyst Giovanni Staunovo said. Elsewhere, US RU supplies have risen while gasoline and distilled stock fell last week, the energy information administration said Wednesday. Rough stock ended up by 515,000 barrels to 442.9 million barrels during the week ended April 11, compared to the expectations of analysts in a Reuters poll for a 507,000 rise. Trump -Tariffs Prize Wins was limited by the expectation of the International Energy Agency on Tuesday that the global oil demand in 2025 will grow five years at its slowest. The World Trade Organization on Wednesday has put its prediction for global merchandise, adding that US rates can bring about the heaviest decline since the culmination of the Covid Pandemic. Trump increased the rates on Chinese goods, which Beijing asked to impose retaliation on US imports. Concerns about Trump’s rates, combined with rising production of the OPEC group consisting of OPEC and allies such as Russia, oil prices dropped by about 13% this month. The uncertainty about trading tension has led to several banks, including UBS, BNP Paribas and HSBC, reducing their rough price forecasts. Data showed on Wednesday that China’s GDP grew by 5.4% in the first quarter, beating the 5.1% expected in a Reuters poll. “The better-than-expected performance has been put down by the exporters of the leading drawer before implementing US excise rights on Chinese goods, and is unlikely to be repeated for the rest of the year, as the two largest economies in the world do their best to disconnect,” said PVM oil analyst Tamas Varga. (Reporting by Georgina McCartney in Houston, Ahmad Gaddar and Robert Harvey additional reporting by Yuka Obayashi in Tokyo and Jeslyn Lerh in Singapore editing by David Goodman, Barbara Lewis and Jane Merriman) first published: 16 Apr 2025, 09:25