Oil rises as Trump threatens sanctions on Iran partners
Trump warned of tougher sanctions on Iran’s oil trade as Brent crude rose 0.65% and WTI gained 0.26% on supply worries.
- On Friday, international and U.S. crude oil futures rose after President Donald Trump threatened economic sanctions against Iran's trading partners. Brent crude settled at $94.39 a barrel, while West Texas Intermediate reached $87.06.
- Treasury Secretary Scott Bessent announced Washington will impose the "toughest sanctions in history" against Iran on Aug. 24, aiming to increase pressure on Tehran alongside existing U.S. naval blockade efforts.
- China purchases approximately 90 percent of Iran's oil exports, with independent "teapot" refineries in Shandong Province accounting for most of those purchases according to the Treasury Department's Office of Foreign Assets Control.
- Seven commodity ships sailed the Strait of Hormuz on Thursday, half the previous day's tally; Phil Flynn, senior analyst with Price Futures Group, noted workarounds and alternative supplies are being found.
- The Chinese Foreign Ministry spokesman Lin Jian stated on Aug. 20 that sanctions and pressure would not resolve the conflict, calling instead for a political and diplomatic settlement.
32 Articles
32 Articles
Oil prices rose yesterday after U.S. President Donald Trump threatened to impose economic sanctions on Iran's trading partners, which strengthened expectations that supply would be reduced in the coming weeks.
Oil prices rose more than half a percent following rising tensions in the Middle East and threats of economic sanctions from Iran's trading partners.
The Epoch Times
ussanews.comChinese Buyers of Iranian Oil Face Even Tougher US Sanctions
The Trump administration is preparing another escalation of sanctions against Iran as Chinese refiners—the buyers of most Iranian oil exports—are already confronting tighter supplies and existing U.S. restrictions on the trade. Treasury Secretary Scott Bessent said in an Aug. 20 CNBC interview that Washington would announce the “toughest sanctions in history” against Iran on Aug. 24. He said the economic measures would work alongside the U.S. na…
(New York = Yonhap News) Correspondent Kim Yeon-sook = On the 21st (local time), international oil prices rose for the sixth consecutive day as the possibility of U.S. sanctions against Iran's trading partners came to the fore...
Markets are once again focused on developments surrounding Iran and the Strait of Hormuz as Trump's threats of sanctions on Iran's trading partners heighten concerns about a global supply squeeze.
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