May 2, 2025 5:40 AM IST
US Stock Market Live: How Are Oil Prices Faring
Oil declined at the end of a volatile week as traders weighed a potential supply hike from OPEC+ and the trade war’s risks to demand against a fresh threat of US sanctions against Iranian flows.
West Texas Intermediate dropped below $59 a barrel, heading for a weekly loss of almost 7%, while global benchmark Brent closed above $62 on Thursday. The Saudi-led alliance is due to meet on Monday to frame supply policy for June, following a report that another bumper increase will be agreed.
In the US, President Donald Trump said that he would impose secondary sanctions on any nations or companies buying Iranian oil, ratcheting up pressure on Tehran as nuclear talks with Washington hit a snag. The threat caused prices to flip higher in Thursday’s session.