Oil Prices Surge on Trump's Iran Pressure Move
Oil prices surged by nearly 3% on Thursday, extending a five-session winning streak. The rise came after US President Donald Trump declared new steps to heighten economic pressure on Iran and limit its oil sales, framing the effort as economic warfare and isolation on an unprecedented scale.
The 60-day interim accord between Washington and Tehran aimed at reopening the Strait of Hormuz lapsed on Sunday, with Mr. Trump signaling no intention to extend it. The waterway, which carried roughly one-fifth of global oil and gas flows prior to the conflict, remains largely obstructed, with vessel traffic far beneath pre-war levels.
Iranian crude shipments via the strait have fallen by as much as 97% from their post-MoU peak as the deal deteriorated and the US reinstated its blockade on Iranian ports. Volumes slid to just 46,800 barrels per day during the week of August 10, down from 1.545 million barrels per day in the week of June 29.