Brent nears $94 as US moves to tighten economic pressure on Iran
Why it matters: Brent was headed for a roughly 6% weekly gain as traders weighed supply risks in the Strait of Hormuz.
Oil prices rose sharply Friday, putting Brent crude near $94 a barrel and on track for a weekly gain of about 6%, as Washington prepared a new campaign to further isolate Iran’s economy. US Treasury Secretary Scott Bessent said details would come Monday after President Donald Trump described the effort as an "economic D-day." The measures are aimed at Tehran and could also hit countries that trade with Iran, including China, the biggest buyer of Iranian crude. The move adds to disruption from the US-Iran war and renewed attacks on shipping around the Strait of Hormuz, a key artery for global oil flows. West Texas Intermediate for October traded below $87 a barrel after five straight sessions of gains.
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Earlier in this story
- 4 hours agoBrent nears $94 as US moves to tighten economic pressure on Iranreading now
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