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Oil Prices Rise to Two-week High amid Global Supply Concerns

Taarek Refaat Oil prices rose about 2 percent, a two-week high, amid concerns about global supplies, after Washington imposed new sanctions targeting Iranian Chinese oil importers. Brent crude futures rose $1.18, equivalent to 1.8 percent, to $65.85 a barrel, while U.S. West Texas Intermediate crude closed up $1.14, equivalent to 1.9 percent, to close at $62.47. Both benchmarks closed at their highest levels since April 3, according to London Stock Exchange data. The United States has imposed new sanctions targeting Iranian oil exports, including a Chinese refinery, as President Donald Trump seeks to intensify pressure on Tehran and cut Iranian oil exports to zero. The measure comes as the U.S. government resumed negotiations with Iran over its nuclear program this month. Iranian Foreign Minister Abbas Araqci commented ahead of the next round of talks in Rome on Saturday that Iran's right to enrich uranium is non-negotiable. This comes as the Organization of the Petroleum Exporting Countries (OPEC) announced that it had received updated plans for Iraq, Kazakhstan and other countries to make further cuts in oil production to compensate for production exceeding the agreed quotas, which boosted the prices of oil futures contracts. In another context, U.S. crude inventories rose, while gasoline and distilled stocks fell last week, according to the US Energy Information Administration. The U.S. Energy Information Administration added that crude inventories rose by 515,000 barrels to reach 442.9 million barrels in the week ending April 11, compared with analysts' forecasts in a Reuters poll of 507,000 barrels. The International Energy Agency said on Tuesday that global oil demand growth this year will be the lowest since 2020, when demand shrank due to the Corona pandemic. Trump lifted tariffs on Chinese goods, prompting Beijing to impose retaliatory tariffs on US imports. 'The global economy depends heavily on the ability of the United States and China to reach an agreement and avoid starting a prolonged trade war,' said Alex Hoods, director of market strategy at financial services company StoneX, said in a memo. Giovanni Stonovo, an analyst at UBS, said: "The calming of the trade war between the United States and China would reduce the decline in economic growth prospects and limit the growth of oil demand." Uncertainty over trade tensions has prompted many banks, including UPS, BNP Paribas and HSBC, to lower their crude oil price forecasts. 'Using a conservative estimate of a 15 percent decline in global GDP growth, based on the impact of the U.S.-China trade war in 2018-2019, we may see a decline in oil demand growth to just 600,000 barrels per day in 2025, nearly half of our estimates before tariffs,' said Janev Shah, vice president of commodity market analysis at Restad Energy. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)