Iran warns of severe response to US sanctions

Oil prices increased by over 2%, reaching their highest levels in nearly a month due to escalating tensions in the Gulf region. Brent crude closed at $93.78 per barrel and West Texas Intermediate at $87.83, both since July 24. Experts suggest that tensions over Iran’s control of the Strait of Hormuz are unlikely to ease without major U.S. concessions, keeping prices elevated.

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