Oil Holds Four-Day Advance as Trump Takes Aim at Iran’s Economy
Oil held a four-day run of gains, as US President Donald Trump announced a fresh package of measures intended to crush Iran’s economy.
Global benchmark Brent traded below $92 a barrel, after gaining more than 5% over the prior four sessions, while West Texas Intermediate for October was near $84. The moves “will be Economic Warfare and Isolation on an unprecedented scale,” Trump said in a social-media post. “This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States.”
Any country that allowed financial institutions, businesses, airports, or government entities to aid Iran would face tremendous economic consequences, he added, without giving details. Activities such as smuggling, cash transfers, exchange houses, and ship registries needed to be halted, he wrote.Crude has rallied steeply this year following the outbreak of the conflict between Washington and Tehran, with the two sides locked in confrontation over the Strait of Hormuz. The US administration’s latest push to defeat Iran — which was trailed last week by Treasury Secretary Scott Bessent — risks inflaming tensions with takers of Iranian crude, including its main market China.
The Trump administration has in recent weeks shifted from military options against Iran to economic pressure. With US forces sustaining a naval blockade of the Islamic Republic’s ports, there are also signs that some crude is being covertly ferried out through Hormuz despite threats to shipping.
Trump’s announcement came a day after the United Arab Emirates cut all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. The UAE acts as a major financial and business hub for Iranians, and its move is likely to increase the Islamic Republic’s economic isolation. Brent for October settlement was 0.1% lower at $91.53 a barrel at 8:01 a.m. in Singapore.
WTI for October delivery fell 0.1% to $84.34 a barrel.
WTI for September, which expires later Thursday, added 0.1% to $85.88. US data offered some support to prices midweek. Refinery runs climbed to the highest since 2019, and nationwide distillate inventories — a key area of concern given tightness in the diesel market — fell to the lowest level in more than a month, according to the Energy Information Administration. That helped to offset a 4.4 million-barrel increase in crude stockpiles last week.(asd)*
Sumber: Newsmaker.id
