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Oil Prices Skyrocket as Trump Threatens 'Economic War' Against Iran

Guavy AI Editorial Team
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US President Donald Trump's threat to launch an 'economic war' against Iran has sent oil prices surging nearly 3% on Thursday, August 21, 2026.

The Brent crude futures rose 2.9% to $94.31 a barrel in early trading, while US West Texas Intermediate futures climbed 3.3% to $88.67 a barrel for September delivery, according to market data cited by Yahoo Finance.

Trump's statement came after Iran rejected an offer from the US to reach an agreement, and he warned that countries cooperating with Tehran would face 'severe economic consequences'.

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