Commodities
Brent Crude Rises as Iran Threatens Strait of Hormuz Attacks
The price of Brent crude oil has risen to $89.54 per barrel after Iran threatened more vessel attacks in the Strait of Hormuz.
Tehran blacklisted 45 vessels and warned that it will impose penalties on those violating its regulations for transiting the strait, a major oil shipping route.
The move comes as the US has announced nearly 60 sanctions against Iran, including secondary sanctions on China, in an effort to drive the OPEC producer's oil export revenues to zero.
Despite this, Brent crude's price has felt some downward pressure following a surprise build in US crude stocks, which increased by 95,000 barrels to 429 million barrels in the week ending August 21.