Brent Crude Rises to $88.51 Amid Iran Sanctions Warning

Brent crude prices rose to $88.51 per barrel in the U.S. market early on the 15th, reflecting tensions from Iran sanctions and the Strait of Hormuz. West Texas Intermediate (WTI) also increased to $82.79 per barrel. U.S. Treasury Secretary Scott Vance announced plans to unveil 'unprecedented' economic measures against Iran next week. The rise in oil prices is attributed to warnings of additional sanctions and tensions from attacks on oil tankers in the Strait of Hormuz. Barron's reported that Brent crude has risen by more than 5% on a weekly basis. Since April, the U.S. Treasury has intensified sanctions on Iran's oil exports and digital asset exchanges. Secretary Vance emphasized that they will continue to track the flow of funds, indicating that the sanctions target both traditional financial networks and virtual asset exchanges. Maritime sanctions have also been strengthened, with reports indicating that purchases of Iranian oil have decreased by about 40% in recent months. The South Korean market is currently in a situation where it must consider both oil prices and sanction risks. Additional economic measures from Secretary Vance are expected to be announced this week.