(RTTNews) – Oil prices traded higher for a fifth consecutive session on Thursday amid prevailing uncertainty over U.S.-Iran peace talks and tensions involving the United Arab Emirates, Oman and Iran. The prolonged conflict raised concerns over supply disruptions from West Asia.
Brent crude prices climbed more than 2 percent to $93.78 a barrel as U.S.-Iran talks remain deadlocked and U.S. President Donald Trump sharpened his rhetoric against Tehran, warning of economic consequences against any country that provided “any type of lifeline to Iran.”
WTI crude futures were up 2.4 percent at $86.43, the highest level seen in over three weeks.
Trump escalated economic pressure on Iran, describing it as the ‘most crushing economic operation’ ever imposed on a country.
He threatened economic punishment against any country whose banks, businesses, airports or government entities continue to provide Iran with what he called a “lifeline.”
Asked about the Iran war, Trump reiterated that the U.S. has “complete control” of the Strait of Hormuz and that the talks could resume “maybe at some point.”
Iran’s Foreign Minister Abbas Araghchi said Trump’s “doubling down on failed policies will only bring further defeat” to the U.S.
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