Brent climbs above $93.80 after Trump targets Iran

Brent crude climbed more than 2% to around $93.80 a barrel on Thursday, reaching its highest level since July 24, after President Donald Trump announced a sweeping package of economic measures targeting Iran.

The proposed restrictions are aimed at cutting Tehran off from international financial and commercial channels, including activities involving banks, businesses, shipping registries, cash transfers and smuggling networks.

Washington is seeking to intensify economic pressure on Iran and push it toward negotiations over the conflict, its nuclear programme and control of the Strait of Hormuz.

The US is maintaining a blockade of Iranian ports, although crude from other Gulf producers continues to move through the strategic waterway despite heightened risks to shipping.

Trump said significant volumes of oil were still passing through Hormuz.

The measures came a day after the UAE suspended economic ties with Iran following accusations that Tehran had launched missiles at its territory.