US Signals Long-Term Pressure on Iran, Oil Prices Spike
Oil prices surged to $87.97 per barrel for Brent and $82.16 for US crude after US officials hinted at maintaining pressure on Iran indefinitely.
The move is a response to concerns over supply disruptions in the Strait of Hormuz, which carries around 20% of global oil supply.
US Treasury Secretary Scott Bessent warned that more measures could be announced next week, adding to market jitters.