Commodities

Oil Gains as Trump Ratchets Up Pressure on Iran Crude

WATCH: What’s next for oil after April’s slump? Anthony Di Paola reports.Source: Bloomberg

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By Alex Longley and Joe Ryan

April 30, 2025 at 11:19 PM UTC

Corrected

May 1, 2025 at 9:04 PM UTC

Takeaways NEW

US oil futures broke a three-day string of losses as equity markets strengthened and President Donald Trump threatened broader sanctions against buyers of Iranian crude.

West Texas Intermediate settled 1.8% higher, at $59.24 a barrel, after Trump said that any nation or person who buys oil or petrochemicals from Iran will be subject to secondary sanctions. It was the biggest one-day increase for US oil futures in more than a week.

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