Oil Prices Soar as US Imposes Toughest Sanctions Yet on Iran

Global oil prices surged to their highest levels since July 24 after the US announced plans to impose tougher sanctions on Iran. The move has intensified concerns about crude supplies from the Middle East and added fresh uncertainty to an already volatile energy market.

The price of Brent crude futures climbed $2.20, or around 2.4%, to reach $93.82 a barrel, while US West Texas Intermediate (WTI) crude rose $2.33 to $88.16 per barrel. This marks the fifth consecutive session of increases for both major benchmarks.

The US Treasury Secretary Scott Bessent announced that Washington would pursue what he described as the toughest sanctions ever imposed on Iran. The measures are expected to extend beyond Iran itself, with the United States warning that countries and businesses continuing to conduct certain transactions with Tehran could also face penalties.