Oil rose after US Treasury Secretary Scott Bessent said the Trump administration remains committed to reducing Iran's oil exports.
Brent futures added as much as 1.1% in London after earlier trading little changed.
Bessent said in an interview with Fox Business that the US is keen to cut Iranian oil exports to 100,000 barrels a day. He also said that if President Trump asks, he will introduce more sanctions on Russian energy.
The comments injected some volatility into an otherwise quiet trading session. So far this week oil markets have been gripped by Trump's plans to place reciprocal tariffs on some of the country's major trade partners, as well as his intention to engage in talks aimed at ending the war in Ukraine.
Source: Bloomberg
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