Oil prices extended gains for a fifth consecutive session after US President Donald Trump announced fresh measures aimed at intensifying economic pressure on Iran and restricting its access to global financial and commercial networks.
Brent crude, the global benchmark, climbed above $92 a barrel, adding to a gain of more than 5% over the previous four trading sessions. US West Texas Intermediate (WTI) crude for October delivery traded near $85 a barrel.
Trump Announces Wider Economic Pressure on Iran
Trump described the latest measures as an unprecedented campaign of economic isolation and urged US allies to support Washington's efforts.
The US president warned that countries allowing banks, companies, airports or government agencies to assist Iran could face serious economic consequences. He also called for an end to activities including smuggling, cash transfers and the use of exchange houses and shipping registries to facilitate Iranian trade.
The latest measures could have wider implications for the global oil market, particularly if they disrupt Iran's crude exports. China remains Iran's biggest oil market, making Beijing a key focus as Washington increases pressure on Tehran.
Strait of Hormuz Risks Add to Oil Market Concerns
Crude prices have risen sharply this year as tensions between the US and Iran have intensified, particularly around the Strait of Hormuz, a critical route for global energy shipments.
The Trump administration has increasingly emphasised economic measures over direct military action against Iran.
At the same time, US naval forces continue to enforce a blockade around Iranian ports, while reports indicate that some Iranian crude is still being moved covertly through the Strait of Hormuz despite heightened risks to shipping.
