US-Iran Tensions Spark Oil Price Rally
Oil prices are rising sharply due to fresh US measures against Iran, which could worsen disruptions in global energy supplies. Brent crude traded above $93 a barrel on Friday and is poised for a weekly gain of more than 5%. The latest rally comes as the United States prepares to increase economic pressure on Tehran.
US Treasury Secretary Scott Bessent said details of the new measures would be announced on Monday, following President Donald Trump's description of the planned action as an “economic D-day.”
The situation has raised particular concerns over shipping through the Strait of Hormuz, a critical route for global oil and gas trade. The supply impact is particularly visible in diesel markets, where prices have increased more rapidly than crude.