Commodities
US Threatens Economic Measures Against Iran Amid Ongoing Conflict
Oil prices rose by 1% to $87.95 per barrel after the US warned of additional economic measures against Iran in an effort to force it to reopen the Strait of Hormuz.
The warning came from Treasury Secretary Scott Bessent, who told Newsmax that the US would apply economic pressure 'like the world has never seen' while continuing its naval blockade of Iran's ports.
Oil futures are on track for a weekly gain and have surged more than 40% this year due to the ongoing conflict in the Middle East.