Iran Sanctions Fuel Oil Price Surge

Oil prices are set to rise for the second consecutive week due to ongoing tensions between the US and Iran, which have disrupted global oil supplies.

The Brent crude benchmark traded at around $94 a barrel on August 21, putting it on track for a weekly gain of about 6%.

This increase is largely attributed to the US's efforts to isolate Iran's economy through sanctions and a naval blockade of Iranian ports, which has effectively choked off Tehran's crude exports.

The measures are set to be unveiled in detail by the US Treasury Secretary on August 24, but some analysts warn that adding further pressure on Iran could have unintended consequences.