Overview

• The U.S. imposed new sanctions targeting Iranian shipping magnate Seyed Asadoollah Emamjomeh and his network, curbing oil and LPG exports worth hundreds of millions of dollars.
• U.S. crude oil inventories fell by 4.6 million barrels last week, according to American Petroleum Institute data, providing support for oil prices.
• Brent and WTI crude prices initially rose by about 1% on optimism from the sanctions, inventory data, and softer U.S. policy signals on trade and the Federal Reserve.
• Kazakhstan's energy minister reaffirmed the country's priority of national interests over OPEC+ quotas, continuing its production above agreed levels and frustrating other members.
• Reports suggest some OPEC+ members are considering accelerating production increases in June, raising concerns over compliance and potential oversupply.