Oil prices are still rising and going to the biggest weekly profit since January

Oil prices have continued to rise for the third day in a row, after the United States for the first time imposed sanctions on a Chinese refinery, in a move that represents a clear escalation in its efforts to combat the supplies of Iranian RU. The price of ‘Brent’ crude oil rose by more than $ 72 a barrel after rising 1.7% on Thursday, while ‘West Texas intermediate’ fell rough below $ 69. Washington announced the imposition of sanctions on a small Chinese refinery and CEO, accusing them of accusing Iran’s first direct intervention by the administration of US President Donald Teiken. “The sanctions are a clear escalation of the risks associated with oil flow in the region, although it does not mean a complete stop for the illegal Iranian crude trade in China,” analysts at RPC Capital Markets, including Brian Lesen, said in a memorandum. Analysts added: “Despite the limited material impact, we see that it makes sense to price an extra risk allowance in the market.” Oil profits are turning crude oil to record its biggest weekly profits since mid -January, powered by US economic data that has strengthened the hope of increasing consumption in the world’s largest oil -consuming country. Nevertheless, rough prices still experience pressure from opposite factors, including the increase in tension in world trade, and the expectations to increase the supplies of the “OPEC+” alliance from next month. Many coalition members promised additional discounts to compensate for violating the shares. Theoretically, the discount of countries, including Kazakhstan, Iraq and Russia, is supposed to be replaced by plans to resume stop production until the end of next year, according to a statement published on the “OPEC” website.