Oil Prices Rise as Trump Announces New Economic Sanctions Against Iran

Oil prices rose and approached their highest level over the past month. Brent crude increased by 0.3% to $91.93 per barrel, while WTI rose by 0.25% to $84.60.

The main factor is the US-Iran confrontation. President Donald Trump announced that Washington will impose additional and stricter economic restrictions against Iran.

Iran is currently under strict American sanctions, including those targeting oil exports. Movement through the Strait of Hormuz is also significantly restricted, and commercial shipping remains well below pre-war levels.

This situation increases the risk of supply disruptions in the oil market. Major economies have increased oil supply through the use of strategic reserves, but tensions in the Middle East continue to impact prices.

Source: Investing.com