Crude oil futures ended sharply higher on Thursday after the United States (US) announced new sanctions on Iranian oil. Further, dollar's sharp drop also contributed to the rise in oil prices. Sentiments also got support as the International Energy Agency said it expects demand to rise further in 2023, growing by more than 2% to a record 101.6 million barrels per day. Optimism that China’s oil demand will rebound as it eases COVID-19 restrictions is also supporting prices.
Benchmark crude oil futures for July delivery rose $ $2.27 or 2 percent to settle at $117.58 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $1.52 or 1.28 percent to settle at $120.03 a barrel (provisional) on London's Intercontinental Exchange.