Commodities
Trump's Iran Threat Sends Oil Prices Soaring Over Two Percent
Oil prices surged more than two percent on Thursday after US President Donald Trump threatened 'economic warfare and isolation on an unprecedented scale' against countries supporting Iran.
The Brent crude futures settled up $2.16 (S$2.74), or 2.4 percent, at $93.78 a barrel, the highest since July 24. Similarly, US West Texas Intermediate crude futures for September gained $2, or 2.3 percent, at $87.83 a barrel.
Trump's warning on Wednesday evening targeted nations providing 'any type of lifeline to Iran', sparking concerns about potential supply disruptions and further price hikes.