Tehran (Commerce Desk) — Crude oil prices rose significantly in global markets following the announcement of US sanctions against Iran.
Brent crude rose by $2.20 to $93.82 per barrel, while US West Texas Intermediate increased by $2.33 to $88.16 per barrel. Prices of both global benchmarks reached their highest levels since July 24, marking gains for the fifth consecutive trading session.
US Treasury Secretary Scott Bessent announced strict sanctions against Iran, warning that countries continuing to do business with Tehran could also face US measures.
The United States says the sanctions aim to limit the Iranian government’s ability to conduct operations through allied armed groups.