Oil prices climb on U.S. Iran sanctions

Oil prices rose significantly after the United States threatened to impose a series of economic sanctions on Iran, in an effort to force Tehran to reopen the Strait of Hormuz. The price of Brent crude approached $88 per barrel, while West Texas Intermediate traded at around $82, with futures increasing by more than 5% over the week. The US Treasury Secretary confirmed that the United States will continue to impose unprecedented economic pressure, including a naval blockade of Iranian ports, amid escalating tensions that began in February. Despite ongoing threats, oil tankers continue to transit the Strait of Hormuz discreetly. Market watchers expect oil prices to remain between $80 and $90 per barrel due to the uncertainty surrounding the conflict's trajectory and supply flows.

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