Crude oil prices rise for fifth session straight after US President Trump targets Iran's economy; Brent above $92/bbl | Stock Market News
Crude oil prices continued their upward move for a fifth consecutive session as new US measures against Iran increased concerns about supply disruptions. Brent crude moved above $92 a barrel after gaining more than 5% across the previous four sessions, while WTI crude for October delivery traded close to $85. US President Donald Trump announced tougher economic restrictions designed to isolate Iran and warned countries and businesses supporting Tehran of penalties. The measures target financial assistance, smuggling, cash transfers, exchange-house operations and shipping-related activities. Market attention remains focused on the conflict between the United States and Iran and the Strait of Hormuz, a key route for global oil shipments. The latest pressure could also create tensions with countries buying Iranian crude, especially China. Meanwhile, US forces continue a naval blockade around Iranian ports, while reports indicate some Iranian oil is still being moved through the Strait despite elevated shipping risks.
The Key points
- Brent crude rose above $92 a barrel.
- Oil prices gained for a fifth straight session.
- WTI October futures traded near $85 a barrel.
- Brent had already gained over 5% in four sessions.
- Trump announced tougher economic measures against Iran.
- The US seeks to isolate Iran financially.
- Washington warned supporters of Tehran of economic repercussions.
- Measures target smuggling, cash transfers and exchange houses.
- Strait of Hormuz tensions remain central to oil markets.
- China remains a major buyer of Iranian crude.
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