Oil Prices on Track for Second Weekly Gain as US Threatens Iran With Toughest Sanctions Ever

TLDR

• Brent crude dipped slightly to $93.61, WTI fell to $86.47 on Friday
• Both benchmarks are on track for a second straight week of gains
• The US threatened “the toughest sanctions in history” against Iran
• The Strait of Hormuz remains largely blocked, with ship traffic at half normal levels
• Iran and China have dismissed US sanction threats

Oil prices slipped slightly on Friday but are still heading for a second weekly gain. The market has been rattled by rising tensions between the US and Iran, with no clear path to a resolution.

Brent crude fell 0.18% to $93.61 a barrel, while West Texas Intermediate dropped 0.41% to $86.47. Despite Friday’s dip, Brent has gained more than 5.8% this week and WTI is up 4.8%.

Both benchmarks hit their highest levels since July 24 in Thursday’s session.

Sanctions Threat Drives Oil Higher

US Treasury Secretary Scott Bessent warned this week that Iran would face “the toughest sanctions in history.” President Donald Trump echoed that message, threatening economic consequences for any country doing business with Tehran.

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