Trump Sanctions Threat Sends Oil Prices Soaring

Oil prices rose on Friday after US President Donald Trump threatened economic sanctions on Iran's trading partners, raising expectations of tighter supply in the coming weeks.

The international benchmark Brent crude futures settled at $94.39 a barrel, up 61 cents or 0.65 percent, while US West Texas Intermediate crude settled at $87.06 a barrel, up 23 cents or 0.26 percent.

Crude prices have climbed on concerns over the continued curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait.

'Sanctions have been the only thing to bring Iran to heel,' said John Kilduff, partner with Again Capital.