Oil up 2% as Trump threatens new sanctions on Iran

TEHRAN, May 02 (MNA) – Global oil markets surged on Thursday following threats from U.S. President Donald Trump to impose secondary sanctions on any country purchasing crude or petrochemical products from Iran.

News ID: ۲۰۰۱۲۱۴

02 May 2025

EghtesadOnline: Trump’s renewed hardline stance toward Tehran—issued just as U.S.-Iran nuclear talks stalled—jolted oil traders and triggered a nearly 2% rise in crude prices. The move could further destabilize global energy markets already facing uncertainty from OPEC+ supply decisions and weakening economic signals from the U.S.

Trump warned that “all oil or petrochemical purchases from Iran must stop,” vowing immediate sanctions against violators.

The threats followed delays in U.S.-Iran talks, originally scheduled for May 2, which were postponed at Oman’s request.

Iranian officials, including Foreign Ministry spokesperson Esmail Baghaei, confirmed that a new date would be announced later.

Brent crude rose $1.07 (+1.8%) to $62.13 per barrel.

West Texas Intermediate (WTI) climbed $1.03 (+1.8%) to $59.24 per barrel.

OPEC+ members are debating whether to increase output again in June.

As Trump’s threat caused a short-term oil price bump, data released Wednesday showed the U.S. economy contracted in Q1—the first negative growth in over a year—partly due to uncertainty caused by Trump-era tariffs and import surges. According to a Reuters poll, those tariffs may help push the global economy toward recession this year. With OPEC+ members divided and Washington’s Iran policy again in flux, volatility in oil markets is poised to continue.