Oil Prices Rise Ahead of New U.S. Sanctions Against Iran

Oil prices rose on Thursday after U.S. President Donald Trump threatened to impose new economic sanctions against Iran. Against this backdrop, the standoff between the U.S. and Iran over opening the Strait of Hormuz continues.

Following Trump's statements, Brent oil futures increased by 2.2% to $93.66, while West Texas Intermediate (WTI) rose by 2.5% to $87.99. Oil prices reached their highest level since July 24, marking the fifth consecutive trading day of gains.

Trump announced that Washington would impose "the harshest economic restrictions" against Iran and called on other countries to join this effort. Although the president did not specify the concrete details of the sanctions, analysts assess that the statement points to strengthening Iran's economic isolation.

The Strait of Hormuz issue is particularly important for the oil market, as approximately 20% of the world's oil and liquefied natural gas supply passes through this route. According to recent data, commercial maritime traffic in the strait has sharply declined compared to pre-conflict levels.

Meanwhile, the positions of the U.S. and Iran remain significantly different. According to Trump, Washington maintains full control over the strait and negotiations could potentially resume in the future. Iran, however, asserts that direct dialogue with the U.S. is not currently taking place and that Washington must fulfill the terms of the temporary peace agreement reached in June before opening the Strait of Hormuz.

Markets are now closely watching whether the confrontation will escalate into a broader economic and trade conflict, which would cause additional disruptions to oil supply and put upward pressure on energy prices.