Trump's Iran Threat Drives Oil Prices Near $94 Per Barrel

Oil prices rose over 2% on Friday, nearing $94 per barrel as US President Donald Trump threatened economic retaliation against nations supporting Iran.

The Brent crude futures price climbed to $93.82 a barrel, while the US West Texas Intermediate crude futures slipped to $86.78 a barrel. Both benchmarks have increased significantly over the past five days, with Brent gaining more than 7% and WTI climbing over 8% since July 24.

The ongoing conflict between the US and Iran has disrupted supply from major oil producers in the region, including Saudi Arabia, Iraq, the UAE, and Kuwait. Trump's threat of economic warfare and isolation on an unprecedented scale against Tehran has further contributed to the price increase.