Oil prices surge as US tightens sanctions on Iran

Oil prices have climbed to multi-week highs, with Brent crude closing the week above $94 a barrel and WTI near $87, as the United States escalates economic pressure on Iran amid a prolonged conflict over the Strait of Hormuz. Source: infobae Source: Milenio

Market reaction

Brent futures for October delivery rose 0.65% to $94.39 on Friday, while WTI opened slightly lower at $86.70 but still headed for a second consecutive weekly gain. Source: infobae Earlier in the week, Brent had surged over 7% in five days, reaching its highest level since late July. Source: larepublicaco The rally follows President Donald Trump's announcement of what he called the "most devastating economic operation ever undertaken against any country," targeting Iran's financial networks and oil smuggling. Source: eldiado

Supply concerns

Analysts attribute the price spike to fears of sustained supply disruptions. Iranian oil exports reportedly fell to about 534,000 barrels per day in August, down from an average of 1.4 million in 2025. Source: Milenio The Strait of Hormuz remains a key flashpoint, with maritime traffic still far below pre-conflict levels. Source: Excélsior Saudi Aramco has begun loading cargoes outside the strait, selling at least 4 million barrels to Chinese refineries. Source: Excélsior

Diverging views

While Washington insists it maintains control of navigation and keeps diplomacy open, Tehran denies active dialogue and conditions progress on US compliance with prior agreements. Source: heraldomx Iranian officials dismissed Trump's threats, with Foreign Minister Abbas Araqchi calling them "doomed to fail." Source: infobae Analysts warn that unless the strait reopens, prices could stay elevated. Source: infobae