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Crude rises near one-month high as US readies sweeping Iran sanctions
Brent climbed to around $92 a barrel, while WTI jumped 3.3% to $86.72, as the US threatened secondary sanctions on firms and countries doing business with Iran.
Crude oil prices climbed to near one-month highs as the US prepared a sweeping package of economic measures aimed at further isolating Iran from international financial and commercial channels, according to LiveMint Markets. International benchmark Brent crude rose by nearly $3 to around $92 a barrel, its highest level since July 22, extending gains for a fifth consecutive session. US benchmark West Texas Intermediate (WTI) jumped 3.3% to $86.72 a barrel as tensions around Iran escalated.
The report links the move to the prospect of secondary sanctions, with the US Treasury secretary warning that the US would target countries and companies continuing to do business with Iran. The comments were framed as a way to reduce the immediate need for another major US military offensive, the report said.
The sanctions outlook follows statements from President Donald Trump indicating the US planned to choke Iran’s economy by imposing major economic penalties on any country that provides a “lifeline” to Tehran. Iran has rejected the threats, and the UAE reportedly suspended financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, the report added.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%