Iran Sanctions Fuel Second Consecutive Oil Price Rise

Oil prices are on track for their second consecutive weekly gain as concerns over Iran's economic situation continue to escalate.

The United States has vowed to impose its 'toughest sanctions in history' against Iran, following President Donald Trump's threat of a 'crushing' economic operation.

This move comes despite the US Treasury Secretary Scott Bessent stating that he doesn't know why crude oil prices have risen, as 'maximum economic pressure' would likely mean no return to large-scale military attacks.

Brent crude futures are currently at $93.96 per barrel, while U.S. West Texas Intermediate futures have reached $86.94 per barrel, both up from the previous week's prices.