On May 2nd, US President Trump warned on social media: All purchases of Iranian oil or petrochemicals must stop immediately! Any country or individual purchasing oil or petrochemicals from Iran will be subject to immediate secondary sanctions. They will not be allowed to do business with the United States in any way or form.
Brent crude rose 2.00% to $62.24 a barrel after US President Donald Trump warned that purchases of Iranian oil products must be stopped immediately or face sanctions.
The US Energy Information Agency (EIA): The supply of crude oil and petroleum products in the United States fell to its lowest level since January 2024.