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Oil prices climb for fifth straight session amid new Iran curbs
Brent rose above $92 a barrel and WTI held near $85 as Trump said allies that help Iran would face severe economic repercussions.
Oil prices extended gains for a fifth straight session after US President Donald Trump unveiled new measures aimed at crippling Iran’s economy, supporting higher benchmarks for crude. Brent, the global benchmark, climbed above $92 a barrel after rising more than 5% over the prior four sessions.
West Texas Intermediate crude for October delivery traded near $85 a barrel, as the latest US push to intensify economic pressure on Iran added to concerns over disruption risk tied to the conflict.
Trump said the measures would amount to “Economic Warfare and Isolation on an unprecedented scale,” calling on US allies to back Washington and warning that countries allowing financial institutions, companies, airports, or government bodies to assist Iran would face severe economic repercussions, though he did not specify penalties.
The push follows recent steps that could further strain Iran-linked trade, including the UAE severing economic ties with Tehran, and comes as the US maintains a naval blockade of Iranian ports while some crude may still be moved covertly through the Strait of Hormuz, according to the report from LiveMint Markets.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%