Oil Prices Surge as Iran Sanctions Threat and Refinery Attacks Escalate

Brent crude climbed to $93.50 per barrel, while West Texas Intermediate reached $86.43, reflecting growing anxiety over supply disruptions in the Persian Gulf. President Trump confirmed the administration is preparing an isolation campaign of historic scale, with Treasury Secretary Scott Bessent characterizing the strategy as a definitive push to break Tehran’s economic hold. The full scope of these measures is expected to be unveiled on Monday, with the U.S. actively seeking cooperation from Beijing.

Beijing’s willingness to participate remains highly doubtful. As the primary importer of Iranian crude, China has consistently maintained that unilateral sanctions fail to resolve geopolitical conflicts. Despite this diplomatic impasse, IG analyst Tony Sycamore noted that both sides are increasingly entrenched, leaving little room for maneuver as energy prices continue their upward trajectory. Consequently, BMI and Fitch Ratings have signaled revisions to their price forecasts, citing significant upside potential for international benchmarks amid the deepening regional instability.