Brent Crude Rises Amid Fears of Energy Shock
Oil prices are on track for their second straight weekly gain amid rising tensions in the Middle East. The global oil benchmark, Brent crude, rose 0.2% to $93.98 a barrel by 08:59 ET (12:59 GMT), while West Texas Intermediate (WTI) ticked up 0.1% to $86.89 a barrel.
The gains come as the US threatens to impose its strictest ever economic sanctions on Iran, with President Donald Trump warning of dire consequences for countries doing business with Tehran. The US Treasury Secretary Scott Bessent reiterated Trump's comments, stating that Iran would be subject to the 'toughest sanctions in history.'
However, Iran has largely dismissed US threats, as did China, a major buyer of Iranian crude. Analysts at Deutsche Bank noted that worries of an energy shock are continuing to permeate markets.