Trump's Iran Escalation Sends Crude Oil Prices Soaring
Crude oil prices surged to a one-month high on Thursday as President Trump ramped up pressure on Iran, warning that any country supporting its economy would face significant consequences.
The US-Iran conflict has had a ripple effect on global oil markets, with crude prices climbing +2.00 (+2.33%) and September RBOB gasoline closing at +0.0078 (+0.24%).
According to President Trump, any country allowing its financial institutions or businesses to support Iran would face 'tremendous consequences', adding to the economic isolation of Tehran.
Treasury Secretary Bessent confirmed that the administration will announce its plan to isolate Iran and its trading partners on Monday, with US Energy Secretary Chris Wright stating that the US is playing a long game with Iran, implying no plans for de-escalation.