Oil prices rise to two-week high; Brent nears $66

Oil drilling rigs

Oil prices rose today, April 16, as concerns grew about global supply disruptions after the US targeted importers of Iranian crude with new sanctions.

Brent crude futures for June delivery rose 1.8%, or $1.18, to close at $65.85 a barrel. WTI crude futures for May delivery gained 1.9%, or $1.14, to $62.47 a barrel.

This is the highest settlement for both grades since April 3. The uptick follows US decision to impose new sanctions on the Iranian oil sector, which include targeting Chinese companies that import Iranian crude.

The International Energy Agency and OPEC this week lowered their forecasts for global oil demand growth due to the possibility of an economic recession due to the protectionist policies of US President Donald Trump.