Trump's Economic D-Day Threat Sends Oil Prices Soaring Again

The Brent crude futures price dropped slightly to $93.55 per barrel on Friday after a previous surge of 2.4% and closing at $93.78 per barrel in the previous session.

The current instability in oil prices persists amid geopolitical risks, specifically the ongoing US-Iran tensions and sanctions. The Strait of Hormuz, through which a fifth of the world's oil and LNG passes, remains a major point of contention between the two nations.

US President Donald Trump's recent threat to impose 'draconian sanctions' on Iran, labeling it an 'Economic D-Day', has added to the uncertainty. The US Treasury Secretary Scott Bessent also vowed that the US will impose 'the toughest sanctions in history' on Iran.