Oil hits more than 3-week high as Trump tries to raise pressure on Iran

Oil prices surged past a three-week high on Thursday as U.S. President Donald Trump threatened severe economic repercussions against nations aiding Iran. Brent crude futures climbed $2.20, or 2.4%, to $93.82 per barrel, while U.S. West Texas Intermediate crude futures for September increased $2.33 to $88.16 per barrel. Both key benchmarks reached their highest levels since July 24 and continued their upward trend for a fifth consecutive day. The September WTI contract is set to expire later on Thursday.

However, Trump's aggressive stance did not come without a response. The U.S. Treasury Secretary, Scott Bessent, announced a press conference on Monday to discuss the specific actions the administration plans to take. The conflict, which began nearly six months ago with U.S. and Israeli military strikes on Iran, has claimed the lives of thousands of people. Tehran's blockade of the strategically vital Strait of Hormuz has further exacerbated the situation, stranding millions of barrels of Middle Eastern oil.