Oil Prices Dip Amid Ongoing Tensions with Iran
Oil prices dipped on Friday after the US announced its strictest-ever economic sanctions on Iran. Brent crude futures declined by 0.2% to $93.57 a barrel, while U.S. West Texas Intermediate crude futures fell 0.4% to $86.50 a barrel.
The decline in oil prices came despite persistent tensions between the US and Iran over the Strait of Hormuz, which has led to disruptions in regional oil supplies. The Brent contract is on track to rise more than 5% this week, driven by these ongoing tensions.
US President Donald Trump has threatened to impose strict new economic sanctions against Iran, warning countries doing business with Tehran of dire economic consequences. However, Iran has largely dismissed the threats, as has China, a major buyer of Iranian crude.