Trump's Economic Warfare Drives Oil Prices Higher

Oil prices continued their upward trend on August 19 and 20, as global benchmark Brent rose towards $92 per barrel. This increase marked a fifth consecutive day of gains for oil, with prices adding more than 5% over the prior four sessions.

The surge in oil prices comes after US President Donald Trump announced measures to crush Iran's economy. In a social media post, Trump stated that 'this will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States.'

West Texas Intermediate for October was near $84 per barrel on August 20, as traders assessed the implications of Trump's announcement. The measures are expected to have a significant impact on Iran's economy.