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Commodities

Trump's Sanctions Threat Sends Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices rose on Friday after US President Donald Trump threatened economic sanctions on Iran's trading partners, raising expectations of tighter supply in the coming weeks.

International benchmark Brent crude futures settled at USD 94.39 a barrel, up 61 cents or 0.65 percent, while US West Texas Intermediate crude settled at USD 87.06 a barrel, up 23 cents or 0.26 percent.

The prices have gained significantly this week, with Brent rising 6.39 percent and WTI increasing by 5.66 percent.

Analysts believe that the sanctions will limit Iran's ability to export oil, which could exacerbate the current supply disruptions in the Strait of Hormuz.

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