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2025.03.2019:37:00UTC+00Oil Futures Settle Sharply Higher After U.S. Imposes Fresh Sanctions On Iran

Oil prices climbed higher on Thursday after the U.S. slapped fresh sanctions on Iran. The recent data from the Energy Information Administration showing a drop in gasoline stockpiles last week continued to support oil prices.

West Texas Intermediate Crude oil futures for April closed higher by $1.10 or about 1.6% at $68.26 a barrel on the expiration day.

WTI crude futures for May ended higher by $1.16 or 1.73% at $68.07 a barrel.

Brent crude futures settled at $72.00 a barrel, gaining $1.22 or about 1.7%.

The U.S. issued fresh sanctions on Iran, targeting entities including a Chinese "teapot", or independent refinery, and vessels that supplied crude oil to such processing plants. Teapot refiners are private Chinese refineries that are the primary purchasers of Iranian oil.

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