April 22, 2025 | Energy Desk (News Update) — Global oil prices climbed more than 1% on Tuesday as the U.S. imposed new sanctions on Iran and reported a significant drop in domestic crude inventories, heightening supply concerns in the energy market.
Brent crude rose to over $89 per barrel, while U.S. West Texas Intermediate (WTI) surpassed $84, with both benchmarks gaining over 1.2% in early trading. The price surge follows Washington’s latest round of sanctions targeting Iran’s energy and financial sectors, further escalating geopolitical risks in the Middle East.
Meanwhile, data from the American Petroleum Institute (API) showed a sharper-than-expected decline in U.S. crude oil stockpiles last week, reinforcing investor sentiment that supply constraints may persist.
“Markets are responding to a double dose of pressure — geopolitical instability from Iran and tightening U.S. inventory levels,” said an energy analyst at GlobalCom Research.
The new sanctions and inventory report come as oil demand continues to rebound globally, with seasonal consumption and economic activity on the rise.
Analysts expect price volatility to continue as traders monitor potential retaliatory measures from Tehran and await official inventory data from the U.S. Energy Information Administration (EIA) due later this week.
NEWS DESK
PRESS UPDATE