Brent Nears $94 as US Treasury Secretary Vows Toughest Sanctions in History on Iran

According to a Friday (August 21) Oilprice.com report citing Reuters, crude oil was on track for a second consecutive weekly gain; at the time of writing, Brent crude traded at $93.50 and WTI at $86.43 per barrel. The rise followed a Wednesday statement by President Trump about preparing "Economic Warfare and Isolation on an unprecedented scale" against Iran, and Thursday remarks by US Treasury Secretary Scott Bessent, quoted by Reuters as saying: "It is a one-two punch. We have the blockade [on Iran], and we are going to have the toughest sanctions in history... It is going to work in Iran and we are going to collapse this regime." Details of the sanctions package are due Monday, and per Reuters, Washington is seeking support from China, the largest buyer of Iranian seaborne oil, though Beijing has repeatedly rejected sanctions as an effective tool. Ratings agencies BMI and Fitch both said they are revising their oil price outlooks given the latest developments in the Persian Gulf war.