Crude oil price: Futures decline as US threatens ‘toughest sanctions’ on Iran
October Brent oil futures at $93.46, down by 0.34%; October crude oil futures on West Texas Intermediate at $86.40, down by 0.50%
Crude oil futures experienced a decline on Friday morning, despite the United States threatening the "toughest sanctions in history" against Iran. At 9:38 am, October Brent oil futures were priced at $93.46, a 0.34% drop, while October WTI crude oil futures were at $86.40, down by 0.50%. On the MCX, September crude oil futures opened at ₹8282, a 0.26% decrease from the previous close of ₹8304, and October futures opened at ₹8123, down by 0.23% from the previous close of ₹8142.
US Treasury Secretary Scott Bessent stated during a CNBC interview that the US would impose "the toughest sanctions in history" on Iran, asserting that the economic pressure would likely prevent a large-scale military intervention. The Trump administration's strategy to cripple Iran's economy through severe penalties for any country aiding Iran could potentially eliminate the necessity for significant US military action.
President Donald Trump had announced on Wednesday that the US aimed to choke Iran's economy through substantial penalties on any nation providing assistance to Iran, describing it as an "ECONOMIC D-DAY" and urging allies to join the US in isolating and defeating the Iranian threat.
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