Commodities
Oil Prices Soar Amid Iran Sanctions Threat
Oil prices rose for a second week, reaching their highest levels since July 18 amid concerns about supply disruptions in the Middle East. Brent crude futures increased by 19 cents to $93.97 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 14 cents to $86.97.
Anz analyst Soni Kumari attributed the price rise to the United States' tough stance on Iran, including the reinstatement of a naval blockade and threats of new sanctions on Iranian oil exports.
The current peace agreement between the U.S. and Iran has ended, and neither side has shown any interest in resuming negotiations.