Trump Escalates Iran Conflict, Crude Oil Prices Soar

Crude oil prices rose on Thursday after US President Trump threatened to further isolate Iran's economy. The move has dimmed prospects for an end to the conflict in the Middle East, driving up oil prices and lifting the cost of fuels like diesel and gasoline.

Brent crude settled just below $94 a barrel, its highest level in nearly a month, while WTI crude for September delivery rose 2.3% to settle at $87.83 per barrel.

Tamas Varga, an analyst at PVM Oil Associates Ltd, noted that Trump's latest statements are pushing oil prices higher in the current news-driven market environment.

Iranian Central Bank Governor Abdolnaser Hemmati confirmed on Wednesday that the country's oil exports have effectively ceased due to the ongoing US blockade of Iranian ports.