Trump Threats Spark Oil Price Surge Amid Ongoing Middle East Conflict

Oil prices surged more than 2 percent on Thursday to settle at their highest level in nearly a month, following U.S. President Donald Trump's warning of retaliation against nations supporting Iran.

The Brent crude futures settled up $2.16, or 2.4 percent, at $93.78 a barrel, the highest since July 24. Meanwhile, U.S. West Texas Intermediate crude futures for September gained $2, or 2.3 percent, at $87.83 a barrel, also reaching its highest level in nearly a month.

Trump's latest attempt to resolve the ongoing war that has left millions of barrels of Middle Eastern oil stranded seems to have had an immediate impact on global markets.