Oil prices rise after US sanctions on Iran, escalated tensions in West Asia

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Oil prices rise after US sanctions on Iran, escalated tensions in West Asia - Business Standard

Quick Summary:

The US central bank left its key interest rate unchanged on Wednesday, a move widely anticipated by the market, but maintained its projection of two 25-basis-point rate cuts by the end of this year.

We retain our view that the oil market will be closely balanced this year, in contrast to market expectations of larger oil surpluses," said Giovanni Staunovo, an analyst at UBS.

Trump's push to impose tariffs on Canada, Mexico and China has raised recession fears, weighing on oil prices."Tariff concerns seem to be holding oil back a bit," Flynn added.J.P.