New York, Aug. 21 (SANA) Oil prices rose more than 2% to settle at their highest levels in nearly a month after U.S. President Donald Trump threatened retaliation against countries supporting Iran, Reuters reported.
Brent crude futures rose $2.16, or 2.4%, to $93.78 a barrel, while U.S. West Texas Intermediate crude gained $2, or 2.3%, to $87.83. Both benchmarks reached their highest levels since July 24.
Trump warned Tehran of “economic warfare and isolation on an unprecedented scale” and threatened consequences for countries supporting Iran. U.S. Treasury Secretary Scott Bessent said planned measures would be outlined Monday.
The war, which began on February 28 when the United States and Israel launched strikes on Iran, has disrupted oil and gas flows from the Middle East, particularly through the Strait of Hormuz.
Shipping through the strait remains well below pre-war levels. Before the war, shipments equivalent to about one-fifth of global oil consumption passed through the waterway.
Ritterbusch and Associates said the latest U.S. threats were unlikely to persuade Iran to relinquish control of the strait without major concessions, leaving little sign of a near-term resolution.
The United Arab Emirates this week suspended all financial and economic transactions with Iran until further notice.
U.S. distillate inventories fell for a third straight week, while crude inventories unexpectedly rose by 4.4 million barrels, according to the Energy Information Administration.
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