U.S. President Donald Trump, who is negotiating with Iran over nuclear weapon development, warned that secondary sanctions would be imposed on countries or individuals purchasing Iranian oil.
On the 1st (local time), President Trump wrote on social media platform Truth Social, "All purchases of Iranian oil or petrochemical products must stop immediately."
President Trump stated, "Any country or person purchasing even a little Iranian oil or petrochemical products will immediately become subject to secondary sanctions," adding, "They will not be permitted to conduct business with the United States in any manner, form, or type."
The U.S. secondary sanctions are interpreted as a means to pressure Iran in the ongoing nuclear negotiations between the U.S. and Iran.
Accordingly, on that day, the price of West Texas Intermediate crude oil for June delivery closed at $59.24 per BARREL, up 1.77% from the previous session, and the price of Brent crude oil for July delivery closed at $62.13 per BARREL, up 1.75%.