Trump's Iran Warning Sends Oil Prices Soaring
Oil prices surged by over 2% on Thursday, reaching their highest level in nearly a month. The increase followed US President Donald Trump's warning of economic warfare and isolation against nations supporting Iran.
According to Reuters, Brent crude futures settled at $93.78 a barrel, while US West Texas Intermediate crude futures for September gained $87.83 a barrel. Both prices are the highest since July 24.
Trump's threat was directed at countries providing any form of support to Iran, which he deemed would face 'economic warfare and isolation on an unprecedented scale.'
Ritterbusch and Associates, an oil trading advisor, noted that these new threats may not sway Iran into relinquishing control of the Strait of Hormuz, their primary source of leverage.