Overview

• Crude oil benchmarks posted their first weekly gain in three weeks, with WTI settling at $64.01 per barrel, a 5.18% increase.
• The Trump administration announced new sanctions targeting Iranian crude exports, including penalties on a Chinese refinery, intensifying supply concerns.
• OPEC reinforced its production cuts, with member nations submitting updated output plans to maintain supply discipline.
• Improved U.S. export flows and relatively strong March macroeconomic data contributed to the positive market sentiment.
• Despite the price recovery, fears over reduced global demand persist due to escalating U.S.-China trade tensions.