Oil prices have soared and plummeted in the international crude oil market recently

Recently, oil prices have soared and plummeted in the international crude oil market.

As the United States announced that it would ban Iranian oil exports in early May, the previous sanctions exemption granted by the U.S. government to some countries and regions for importing Iranian oil will not continue after the expiration of this year in early May. International oil prices rose sharply, but then fell sharply as President Trump called OPEC to take action to reduce oil prices. Analysts predict that international oil prices will continue to oscillate sharply in the near future due to geopolitical uncertainty.

As of April 26, light crude oil futures for June delivery on the New York Mercantile Exchange had fallen $1.91, or 2.93%, to $63.30 a barrel. London Brent crude oil futures for June delivery fell $2.20, or 2.96%, to $72.15 a barrel.

In the international gold market, spot gold has rebounded sharply, driven by short covering and bottom-buying. The annual first quarter real GDP of the United States, announced on the 26th, was 3.2% year-on-year, a new high since the third quarter of 2018, higher than the previous expected value of 2.3%, but the U.S. media believe that the real economic performance is not ideal.

On April 26, the most active June gold futures market on the New York Mercantile Exchange rose $9.1 to $1288.8 an ounce, or 0.71 per cent, from the previous day. Analysts said that the main reason for the rise in gold futures prices was the weakening of the dollar on that day.

On that day, silver futures for May delivery rose 12.6 cents to $15.005 an ounce, or 0.85%, while gold futures for July delivery rose $13.9 to $903.6 an ounce, or 1.56%.