Oil Prices Rise Over 2% Amid U.S. Moves to Step Up Economic Pressure on Iran

International oil prices surged on the 20th (local time) as the United States repeatedly signaled plans to ramp up massive economic pressure on Iran.

On this day, the closing price for October delivery Brent crude futures on the ICE Futures Exchange rose 2.36% from the previous session to $93.78.

On the New York Mercantile Exchange, the closing price for September delivery West Texas Intermediate (WTI) crude futures increased 2.33% from the previous session to $87.83 per barrel.

Both Brent crude and WTI hit their highest levels since July 24.

In a media interview on the same day, U.S. Treasury Secretary Scott Bessent announced that details regarding the economic pressure plan against Iran will be unveiled on the 24th, stating, "This will be the most powerfully coordinated economic isolation in world history."

The previous day, U.S. President Donald Trump also stated on Truth Social that the U.S. would launch an unprecedented scale of an "economic isolation operation" targeting Iran.

President Trump warned that third countries providing financial lifelines to Iran would also face "massive economic consequences," pressing the international community to halt trade with Iran.

These moves to isolate Iran are dampening expectations for the early resumption of navigation through the Strait of Hormuz, a major global crude oil shipping route.

Tamas Varga, an analyst at PVM Oil Associates, said, "In the current environment, which is sensitive to news headlines, President Trump's hardline remarks are driving up oil prices," adding, "It seems reasonable to interpret the threat of economic warfare against Iran as an escalation of the conflict."
※ Please note: This article was translated by AI and may contain errors.