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Brent climbs above $93 amid U.S.-Iran talks uncertainty
Brent rose 1.9% to $93.48 per barrel early Thursday, extending a five-day rally as U.S. sanctions pressure on Iran raised concerns about Middle East supply risk.
Brent crude futures topped $93 per barrel in early European trading on Thursday, reaching $93.48, after hopes for U.S.-Iran talks faded. OilPrice said Brent was up 1.9% on the day and was at about a three-week high.
The move comes as President Donald Trump outlined an “unprecedented” economic pressure campaign against Iran, with warnings of “TREMENDOUS Economic Consequences” for countries helping Tehran. OilPrice added that investors also reacted to concerns about stricter sanctions enforcement, which can increase anxiety over potential supply disruption in the Middle East.
U.S. benchmark WTI crude was also higher, trading about 2% up at $86.12 per barrel, following a threat from Trump to deliver the “most crushing economic operation ever taken against any country.” OilPrice said prices were extending their rally for a fifth consecutive day.
Despite the run higher, analysts cited by OilPrice said the crude market continues to underestimate real disruption risk in fuel markets, noting that Brent was still trading around $90 per barrel well below earlier conflict peaks. The reporting pointed to ongoing Middle East supply constraints as a key driver of that concern.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%