Oil Prices Slip as Iran Tensions Fail to Boost Crude

Oil prices are set to decline for the week despite rising tensions between Iran and the United States. Brent crude is trading at $89.17 per barrel, down by 5.3% from last week, while West Texas Intermediate (WTI) is priced at $83.19, a 4.3% decrease.

The Strait of Hormuz remains congested with tanker traffic significantly lower than before the war. The U.S. Treasury recently announced what it called 'the toughest sanctions in history' to pressure Iran into reopening the waterway.

However, reports suggest that the Trump administration has shown no interest in returning to the June ceasefire terms between the US and Iran. In fact, the administration appears focused on economic pressure, with Operation Economic Outcast underway to sever remaining economic ties with Iran.