US Economic Pressure on Iran Pushes Oil Prices Higher
Oil prices are poised for a significant weekly gain as the US steps up pressure on Iran's economy. Global crude benchmark Brent is trading near $94 a barrel, putting it on track for a 6% increase over the week.
The Trump administration has announced plans to throttle Iran's economy through a series of measures that could also impact countries dealing with Tehran, including China. Treasury Secretary Scott Bessent said details of the initiative would be revealed next Monday.
Josh Lipsky from the Atlantic Council believes Beijing is betting on President Trump making a 'big show' of economic pressure without actually squeezing Chinese banks. However, Chris Weston from Pepperstone Group warns that imposing sanctions on Iran carries risks and may not be a straightforward exercise.