London (HRNW)- Global crude oil prices rose by around 2 percent after US President Donald Trump threatened tougher economic sanctions against Iran, amid continuing uncertainty over the US-Iran ceasefire and disruptions to oil shipments through the Strait of Hormuz.
Brent crude initially climbed 2.4 percent to around $94 per barrel, while US West Texas Intermediate (WTI) rose about 2.5 percent to $86 per barrel. By the end of the trading session, Brent stood at approximately $94.06 per barrel and WTI at $87.67.
The rise came as tensions between Washington and Tehran remained high, with oil shipments through the Strait of Hormuz significantly below normal. Trump has warned of action against countries and institutions conducting business with Iran, as well as against oil smuggling networks, financial transfers, currency exchange houses, ship registrations and front companies linked to Tehran.
The Strait of Hormuz remains a major concern for global energy markets because of its importance for oil shipments from the Persian Gulf. Reduced traffic through the waterway has increased pressure on global crude and refined-product supplies, contributing to higher prices.
The impact of rising energy costs is also being felt internationally. UK annual inflation increased to 2.9 percent in July from 2.6 percent in June, while eurozone inflation reached 2.9 percent, with higher energy prices contributing to the increase.
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