Trump Threatens Sanctions, Oil Prices Spike as Strait of Hormuz Disruptions Continue

Oil prices rose on Friday after US President Donald Trump threatened new economic sanctions on Iran's trading partners. The threat raised fears of tighter oil supplies in the coming weeks, causing investors to watch the ongoing disruptions around the Strait of Hormuz.

Brent crude, the global benchmark, settled at $94.39 per barrel, gaining 61 cents or 0.65 percent during the session. Meanwhile, US West Texas Intermediate (WTI) crude settled at $87.06 per barrel, rising 23 cents or 0.26 percent.

Analysts linked the latest gains to growing concerns about Iranian oil supplies. John Kilduff, a partner at Again Capital, said sanctions could pressure Iran further.