Crude oil futures climbed on Friday, August 21. President Donald Trump threatened economic sanctions against nations trading with Iran.
Market concerns over tightening global supplies pushed benchmarks toward a second consecutive weekly gain. Brent crude traded near $94 per barrel. WTI prices hovered around $87 per barrel.
Brent prices increased by more than 6% over the week. WTI prices rose by over 5% during the same period.
Potential sanctions compound existing geopolitical risks, including shipping disruptions in the Strait of Hormuz. Iran vowed a devastating response to any new U.S. threats.