Overview

• The U.S. administration imposed new sanctions targeting Iran's oil exports, including measures against a China-based refinery, further restricting global supply.
• OPEC members, including Iraq and Kazakhstan, submitted updated plans for additional output cuts to offset past overproduction, supporting price recovery.
• Brent crude reached $66 per barrel and WTI $62.91, marking their highest levels since early April and the first weekly rise in three weeks.
• Chinese crude imports surged to a 20-month high in March, temporarily boosting demand and aiding the recent price rebound.
• Global demand forecasts remain fragile, with the WTO predicting a 0.2% contraction in trade growth for 2025, raising concerns about long-term oil consumption.