Crude Oil Prices Surge for Eighth Consecutive Day Amidst Potential US Sanctions on Iranian Ports
New York. Crude oil prices are continuously rising in the global market. Oil prices have seen an increase for the eighth consecutive day after news emerged that US sanctions on Iranian ports could be extended further. The international benchmark Brent Crude Futures increased by 0.47 percent to $111.78 per barrel.
Similarly, the US benchmark West Texas Intermediate (WTI) increased by 0.57 percent, trading at $100.05 per barrel. On Tuesday, the prices of both oil benchmarks rose by 3.7 percent. Oil prices have increased on seven of the last eight days.
The Wall Street Journal, citing US officials, reported that President Donald Trump has directed preparations to continue sanctions on Iranian ports for a long time. According to the report, the US has devised a strategy to stop ships going to and from ports to further pressure Iran's economy and oil exports.
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