Oil rose for a second day after the U.S. pledged to reduce Iran's energy exports to zero. West Texas Intermediate traded near $63 a barrel after rising nearly 2% on Wednesday, putting futures on track for their first weekly gain this month. Brent crude settled below $66. Treasury Secretary Scott Bessent said the U.S. would apply maximum pressure to disrupt Iran's oil supply chain, as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic. The so-called teapot refinery sanctioned by the U.S. — Shandong Shengxing Chemical Co. Ltd. — is suspected of handling more than $1 billion of Iranian crude, the Treasury Department said. Meanwhile, Iran warned that its fledgling nuclear talks with Washington could fail if the Trump administration "changes its focus."(Newsmaker23)

Source: Bloomberg