Trump's Iran Threat Sends Oil Prices Soaring to Three-Week High

Oil prices rose to their highest level in over three weeks on Thursday after US President Donald Trump threatened 'economic warfare and isolation on an unprecedented scale' against Iran.

The Brent crude futures price jumped $1.94, or 2.1%, to $93.56 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures for September rose $2.18, or 2.5%, to $88.01 a barrel.

The Trump administration's warnings come amid ongoing tensions in the Middle East, which have disrupted oil supplies and driven up prices.

Giovanni Staunovo, an analyst with UBS, noted that 'tensions in the Middle East remain high, leaving room for further supply disruptions.'