Oil rose after US President Donald Trump suggested that the US may work to curtail crude shipments from Russia, the world's third-largest producer and a major exporter.
West Texas Intermediate climbed 3.1% to settle above $71 a barrel, the biggest gain since before Trump took office, while Brent's June contract approached $75. Crude extended its advance on data showing lower-than-expected US production and positioning changes from algorithmic traders.
Russia's crude exports hit a five-month high in March, and US sanctions on the nation's oil tanker fleet are showing signs of faltering. Trump also said he's considering punishing Tehran with unspecified "secondary tariffs" and vowed to inflict "real pain" on Iran if the Houthi military group does not halt attacks on American ships.
WTI for May delivery rose 3.1% to settle at $71.48 a barrel in New York. Brent for June settlement climbed 2.8% to settle at $74.77 a barrel.
The May contract, which expires on Monday, advanced to $74.74 a barrel.
Source: Bloomberg
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