Trump's Warning Sends Oil Prices Soaring Over 2%

Oil prices surged more than 2% on Thursday, August 20, after US President Donald Trump threatened 'economic warfare and isolation on an unprecedented scale' against Iran. The warning targeted nations that provide any form of support to Tehran.

Brent crude futures settled at $93.78 a barrel, the highest since July 24, while US West Texas Intermediate crude futures for September gained $2 to $87.83 a barrel, also the highest level since July 24.

Trump's statement was made on Wednesday evening, and it comes as the Iran war has already disrupted the flow of oil and gas globally. The conflict began on February 28 when the US and Israel launched military strikes on Iran.