India, May 1 -- The price of crude oil saw considerable volatility in morning trading on Thursday but moved sharply higher over the course of the session.
Crude for June delivery jumped $1.03 or 1.8 percent to $59.24 a barrel, regaining ground after plummeting over the three previous sessions.
Oil futures surged in afternoon trading after President Donald Trump threatened to impose sanctions on any country or person that purchases Iranian oil of petrochemical products.
All purchases of Iranian Oil, or Petrochemical products, must stop, NOW!" Trump said in a post on Truth Social. "Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions."
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