April 23: Global Oil Prices Recover After Sharp Decline

Global oil prices surged strongly today (April 23, 2025), recovering from a steep decline earlier, driven by new U.S. sanctions on Iran and positive momentum in global stock markets.

Brent and WTI Oil Prices Bounce Back

As recorded at 4:30 AM (Vietnam time) on April 23 on Oilprice, Brent crude rose by $1.18perbarrel(1.8$67.44 per barrel, while WTI crude increased by $1.23perbarrel(1.95$64.32 per barrel.

Factors Behind the Oil Price Recovery

The rebound was supported by the U.S. imposing new sanctions on Iran, specifically targeting Seyed Asadoollah Emamjomeh—a key figure in Iran’s crude oil and liquefied petroleum gas (LPG) shipping sector—along with his associated business network.

Additionally, the U.S. stock market showed signs of recovery after a heavy sell-off, providing further momentum for the rebound in Brent and WTI prices.

Impact of Geopolitical and Economic Tensions

Previously, oil prices had fallen more than 2% due to progress in U.S.-Iran nuclear talks, as well as concerns over U.S. President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell, which fueled market uncertainty.

According to Reuters, John Kilduff, an analyst at Again Capital (New York), stated: “Although negotiations show positive signs, the lack of a clear agreement means Iran’s oil exports remain constrained by increasingly stringent sanctions.”

Moreover, U.S.-China trade tensions and tariff disputes with other major economic partners continue to pressure oil prices. Investors are increasingly concerned that a potential global economic downturn could weaken energy demand.

Short-Term Oil Price Outlook

In the near term, Brent and WTI prices are expected to remain highly sensitive to geopolitical developments, U.S. policy shifts, and global stock market trends. The U.S.’s efforts to restrict Iranian oil exports will play a key role in shaping global supply dynamics.