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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."
He added, "They will not be allowed to do business with the United States of America in any way, shape, or form."
The Trump administration has said it is seeking to apply "maximum pressure" on Iran in order to disrupt the country's oil supply chain and exports, which the administration claims support terrorist proxies and partners.
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