Oil Rises by Over 2%

2026-08-20 10:08 By Agna Gabriel 1 min. read

Crude oil climbed more than 2% to around $86.70 a barrel on Thursday, reaching its highest level since July 24, after President Donald Trump announced a sweeping package of economic measures targeting Iran.

The proposed restrictions are aimed at cutting Tehran off from international financial and commercial channels, including activities involving banks, businesses, shipping registries, cash transfers and smuggling networks.

Washington is seeking to intensify economic pressure on Iran and push it toward negotiations over the conflict, its nuclear programme and control of the Strait of Hormuz.

The US is maintaining a blockade of Iranian ports, although crude from other Gulf producers continues to move through the strategic waterway despite heightened risks to shipping.

Trump said significant volumes of oil were still passing through Hormuz.

The measures came a day after the UAE suspended economic ties with Iran following accusations that Tehran had launched missiles at its territory.



News Stream
Oil Rises by Over 2%
Crude oil climbed more than 2% to around $86.70 a barrel on Thursday, reaching its highest level since July 24, after President Donald Trump announced a sweeping package of economic measures targeting Iran. The proposed restrictions are aimed at cutting Tehran off from international financial and commercial channels, including activities involving banks, businesses, shipping registries, cash transfers and smuggling networks. Washington is seeking to intensify economic pressure on Iran and push it toward negotiations over the conflict, its nuclear programme and control of the Strait of Hormuz. The US is maintaining a blockade of Iranian ports, although crude from other Gulf producers continues to move through the strategic waterway despite heightened risks to shipping. Trump said significant volumes of oil were still passing through Hormuz. The measures came a day after the UAE suspended economic ties with Iran following accusations that Tehran had launched missiles at its territory.
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Crude oil rose above $85 per barrel on Thursday, gaining more than 4% so far this week, supported by heightened uncertainty in the Middle East as the US and Iran remain at an impasse. The two sides are also embroiled in a confrontation over the Strait of Hormuz, although President Donald Trump said oil continues to flow through the waterway while adding that he would be open to resuming talks with Tehran “at some point.” Meanwhile, the UAE announced a suspension of financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, adding to economic pressure on the Islamic Republic. Despite the elevated risks, Gulf producers have continued transporting significant volumes of crude through alternative routes and discreet shipments. In the US, EIA data showed crude inventories increased by 4.4 million barrels last week, while distillate stocks declined by 1.5 million barrels to their lowest level in more than a month.
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2026-08-19