ConfirmedShipping, energy & marketsGlobal energy markets
Brent rises toward $94, its highest since late July, after Trump's 'economic warfare' threat
- Mountain Time
- Local time
- 9:23 AM UTC
- Where
- Global energy markets
Brent crude rose 2.4 percent to almost $94 a barrel early Thursday, its highest since late July, and WTI rose 2.5 percent to $86, after Trump promised a 'crushing economic operation' against Iran and penalties for countries doing business with it.
Why it matters
Prices were climbing even as more oil left the Gulf by other routes, because the strait itself remained effectively closed.
Sources (3)
- BOE Reportboereport.com
- CNNcnn.comPublished
- CBS Newscbsnews.comPublished
Confidence: Corroborated by independent sources or direct evidence. About confidence labels
Correction
- Corrected the time from 10:30 AM UTC time, Aug 20, 2026 to 9:23 AM UTC time, Aug 20, 2026; corrected the headline (it read "Brent crude surges toward $94 per barrel on escalating U.S.-Iran confrontation"); revised the summary; revised the context note; reclassified it from energy to energy-markets; updated the sourcing note; added 2 sources: CNN, CBS News. Why and evidence