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Oil prices climbed on Thursday, extending their winning streak to five sessions as escalating tensions between the United States and Iran heightened concerns over global crude supply.
Brent crude futures gained 0.3% to $91.93 a barrel by 00:35 ET (04:35 GMT), while West Texas Intermediate (WTI) crude futures rose 0.25% to $84.60. Both benchmarks traded near one-month highs as markets continued to price in disruptions linked to the Strait of Hormuz.
U.S. President Donald Trump intensified pressure on Iran by announcing plans for tougher economic restrictions, describing the initiative as an unprecedented campaign of economic warfare and isolation. Although Trump did not provide specific details about the proposed measures, he urged U.S. allies to participate and warned countries against conducting business with Iran.
Iran already faces extensive U.S. sanctions targeting its oil exports, while the ongoing conflict has further disrupted energy flows from the region.
The Strait of Hormuz remains a key focus for oil markets because roughly 20% of global crude supplies typically pass through the strategic waterway. Commercial shipping traffic has remained well below pre-war levels despite U.S. officials maintaining that the route is open.
Trump said Wednesday that the United States had full control of the Strait of Hormuz and suggested negotiations with Tehran could eventually restart. Iran, however, has largely rejected claims that meaningful talks have occurred and has insisted Washington meet conditions outlined in a June memorandum of understanding before progress can be made.
That agreement expired earlier this week, with little indication that either side is preparing to renew it.
The U.S.-Iran conflict has provided sustained support for crude oil prices as traders factor supply disruptions and a higher geopolitical risk premium into energy markets. Emergency oil reserve releases by major economies, particularly the United States, have helped offset some shortages.
Still, uncertainty surrounding the Strait of Hormuz and the prospect of a prolonged Middle East conflict could keep Brent and WTI oil prices elevated in the coming months, especially if additional sanctions further restrict Iranian crude exports.
