Trump's Economic Warfare Drives Crude Prices Higher Amid Escalating Middle East Tensions
Crude oil prices have risen for five consecutive sessions following US President Donald Trump's announcement of new measures to cripple Iran's economy. The UAE has suspended all financial and economic transactions with Iran, further escalating tensions in the region.
Brent Crude prices are trading near $92 per barrel, while WTI Crude is near $86 per dollar. Global oil expert Peter McGuire warns that US dominance in energy markets is 'breath-taking' and predicts oil prices could spike further due to the new measures.
Trump described the measures as an 'ECONOMIC D-DAY' and called on all US allies to support Washington. He warned that countries allowing financial institutions or companies to assist Iran would face severe economic repercussions, but did not specify what penalties would entail.