Trump's Economic Warfare Campaign Drives Oil Prices Higher
Oil prices have risen for a fourth consecutive day, driven by an escalating US campaign to target Iran economically. The price of Brent crude has surpassed $92 per barrel, while West Texas Intermediate futures for October delivery hovered near $84.
The latest move by the US comes in the form of economic pressure on Iran, with President Donald Trump announcing a new set of measures aimed at isolating Tehran's economy. In a statement on his TruthSocial account, Trump described the initiative as 'Economic Warfare and Isolation on an unprecedented scale,' labelling it an 'Economic D-Day.'
The US has warned that any country permitting its banks, companies, airports, or state bodies to assist Iran will face severe economic repercussions. This includes measures such as ending smuggling networks, cash transfers, currency exchange operations, and ship registries linked to Iran.
US refinery utilisation has reached its highest level since 2019, while distillate stockpiles have dropped to their lowest in over a month. These developments helped offset a 4.4 million barrel rise in crude inventories.