Oil prices rose on Thursday after President Donald Trump announced a sweeping economic campaign against Iran, sending West Texas Intermediate and Brent crude to their highest levels this month. The move comes as talks between Washington and Tehran over a peace deal remain stalled.
West Texas Intermediate crude for October delivery climbed about 2.5%, to $86.58 a barrel, while Brent crude's front-month contract advanced more than 2%, to $93.81 a barrel. Both crude oil benchmarks reached their highest prices so far this month following the news.
Trump said in a post on Truth Social on Wednesday evening that he would launch "the most crushing economic operation ever taken against any country," describing the campaign as economic warfare. He added that any country that lets its financial institutions, businesses, airports, or government entities give Iran a lifeline will itself face tremendous economic consequences.
Talks between the U.S. and Iran to establish a peace deal have completely stalled. Trump told reporters on Wednesday that negotiations may return at some point, but that for now the situation is going well.
Source: MarketWatch
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