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

Oil prices surged to a three-week high on Thursday, following remarks from U.S. President Donald Trump warning of repercussions for nations supporting Iran. The latest move aims to de-escalate a conflict that has left millions of barrels of Middle Eastern oil stranded. 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 benchmarks reached their highest levels since July 24 and marked a fifth consecutive day of gains. The September WTI contract is set to expire later on Thursday. On Wednesday, Trump threatened to impose economic warfare and isolation on Iran, advising any country providing any form of support to Tehran with severe consequences.

U.S. Treasury Secretary Steve Bressant stated he would hold a press conference on Monday to discuss the specific actions to be taken. The ongoing war has claimed the lives of thousands, with the conflict commencing nearly six months ago when the U.S. and Israel carried out military strikes on Iran. Iran has implemented a blockade of the Strait of Hormuz, further exacerbating the situation.