1 week ago
Oil Prices Rise Fifth Session as Trump Tightens Iran Pressure
Oil prices went up for the fifth day in a row.
Brent crude rose above $92 for one barrel.
Another oil price measure, called WTI, was near $85.
President Donald Trump announced new economic actions against Iran.
He warned countries and businesses that help Iran could face serious consequences.
The actions could make it harder for Iran to sell and move its oil.
China is Iran’s biggest oil customer, so it may be especially affected.
Fighting and shipping dangers near the Strait of Hormuz are also worrying oil traders.
The United Arab Emirates has also cut economic ties with Iran.
These developments created more uncertainty about future oil supplies.
Brent crude climbed above $92 a barrel after gaining more than 5% over the previous four sessions.
West Texas Intermediate crude for October delivery traded near $85 a barrel.
Donald Trump announced measures targeting financial, commercial and shipping activities linked to Iran.
China, Iran’s largest oil market, could face increased pressure as Washington seeks to restrict Iranian crude sales.
The United Arab Emirates severed economic ties with Iran after accusing Tehran of launching ballistic missiles at its territory.
- Who
- US President Donald Trump, Iran, China, the United Arab Emirates, oil traders and countries or companies involved in Iranian trade.
- What
- Oil prices rose for a fifth consecutive session after Trump announced new economic measures intended to isolate Iran and restrict its financial and commercial networks.
- Where
- The measures target Iran and activities linked to its trade, while shipping concerns focus on the Strait of Hormuz and Iranian ports.
- When
- The price increase followed Trump’s announcement and came after Brent had gained more than 5% over the previous four trading sessions.
- Why
- Traders are concerned that economic restrictions, tensions between Washington and Tehran, and risks to shipping could disrupt Iranian crude exports and global oil supplies.
Key facts
- Brent crude
- Above $92 a barrel
- West Texas Intermediate
- Near $85 a barrel for October delivery
- Recent Brent gain
- More than 5% over the previous four trading sessions
- Trump’s measures
- Target financial institutions, companies, airports, government bodies, smuggling, cash transfers, exchange houses and shipping registries supporting Iran
- Iran’s largest oil market
- China
- Shipping concern
- Some Iranian crude is reportedly still being moved covertly through the Strait of Hormuz
- Regional development
- The United Arab Emirates severed economic ties with Iran after accusing it of launching ballistic missiles at UAE territory
Quotes
Donald Trump
US President Donald Trump announced sanctions against Iran
“The measures would amount to “Economic Warfare and Isolation on an unprecedented scale,” describing them as an “ECONOMIC D‑DAY.””
livemint.com
Sources
Related news
Oil Prices Near One-Month High as US Threatens Iran Sanctions
Oil Prices Rise as New US Iran Measures Threaten Supplies
Oil Prices Fall as U.S. Expands Iran Sanctions Near Hormuz
Oil Holds Four-Day Gain as Iran Standoff Keeps Hormuz Focus
Oil Rises as US Threatens Unprecedented Economic Pressure on Iran
Oil Prices Rise as US-Iran Strikes Threaten Hormuz Supplies
Iran Seizes Fuel-Smuggling Vessel in Gulf, Arrests 11 Crew
Trump Floats Renaming Strait of Hormuz as “Trump Strait”
Chevron Plans $7 Billion Venezuela Expansion Amid U.S. Oil Push
Saudi Tanker Hit in Hormuz, Killing Two Filipino Sailors
U.S.-Iran Exchange Escalates Across Middle East, Markets Slide
