Oil Prices Surge Towards $94 as US Prepares New Iran Economic Measures
Oil prices are rising towards $94 per barrel as the US prepares new economic measures against Iran. The move is expected to target Tehran and potentially affect countries that deal with Iran, including China.
The global benchmark Brent crude has gained around 6% this week, while West Texas Intermediate (WTI) is near $87 a barrel after five consecutive sessions of gains. Oil prices have rallied over 50% this year due to the US-Iran conflict disrupting Middle East energy flows.
US Treasury Secretary Scott Bessent said that Washington controls the Strait of Hormuz and that ships can exit via a southern lane, according to an interview with CNBC. However, Iranian President Masoud Pezeshkian said Iran should end the conflict 'now that we are strong and have dignity.'