Oil Hits 10-Day High, Approaches $70 per Barrel
The rally was fueled by renewed concerns over tightening global supply, after the U.S. imposed fresh sanctions on Chinese importers.
Quick overview
- Brent crude oil prices are nearing $70, marking their highest levels in 10 sessions due to tightening global supply concerns.
- The surge in oil prices follows new U.S. sanctions on Chinese importers of Iranian oil and OPEC's commitment to production cuts.
- In the grain markets, soybean prices fell by 0.2% while corn dropped 0.4%, despite Brazil raising its soybean export forecast for 2025.
- The International Grains Council has increased its global corn production forecast for the 2025/26 season by 5 million metric tons.
Live USOIL Chart
Brent crude oil is approaching the $70 mark, a level it hasn’t touched since early this month, while soybean prices are also reacting to shifting global trade dynamics.
Oil prices surged on Thursday, April 17, marking their highest levels in 10 sessions. Brent crude in London climbed 2.8% to $67.69 per barrel, while U.S. West Texas Intermediate (WTI) rose 3.1% to $64.42.
The rally was fueled by renewed concerns over tightening global supply, after the U.S. imposed fresh sanctions on Chinese importers of Iranian oil. President Donald Trump has vowed to drive Iran’s energy exports down to zero amid renewed negotiations over its nuclear program.
Adding to the momentum, the Organization of the Petroleum Exporting Countries (OPEC) received updated commitments from Iraq, Kazakhstan, and other members to implement new production cuts to offset earlier output above agreed quotas.
Grain Prices Mixed Amid Export Forecast Shifts
In the grain markets, soybean prices erased earlier gains to close down 0.2% at $380.84 per ton. Corn dropped 0.4% to $189.86, while wheat edged up 0.2% to $201.63.
Brazil’s oilseed processors association, Abiove, raised its soybean export forecast for 2025 to a record 108.5 million metric tons. The world’s top soybean producer is expected to benefit from escalating trade tensions between the U.S. and China, the world’s largest soybean importer.
Meanwhile, the International Grains Council (IGC) on Thursday increased its global corn production forecast for the 2025/26 season by 5 million metric tons, projecting total output at 1.274 billion tons.
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