Crude oil prices are set to record a second consecutive weekly gain as the prospects for peace in the Middle East dim further amid U.S. threats of the "toughest sanctions in history" against Iran. At the time of writing, Brent crude was trading at $93.50 per barrel, and West Texas Intermediate was trading at $86.43 per barrel:
The price increase followed a Wednesday social media statement by President Trump that the U.S. is preparing "Economic Warfare and Isolation on an unprecedented scale" against Iran:
Details of the economic pressure campaign are set to be revealed on Monday, with Reuters reporting the United States will seek support for the campaign from China:
It is questionable whether China would provide such support, seeing as it is the largest buyer of already sanctioned Iranian crude:
