Crude oil prices are holding steady on Hyperliquid as investors assess the impact of the ongoing US-Iran stalemate. Brent, the global benchmark, rose to $92.90, while West Texas Intermediate (WTI) climbed to $86.50. Both benchmarks have jumped by over 32% from their July lows.
Iran Warns of Potential Escalation
Crude oil may continue rising as Iran reportedly considers escalating tensions, while President Donald Trump plans additional sanctions against the country. Treasury Secretary Scott Bessent is set to unveil the new sanctions package on Monday.
According to Bloomberg, the Iranians are considering military escalation to punish the US and its allies. Iranians have already seen reports that the US was running out of ammunition and that conditions on USS Lincoln have deteriorated. As a result, IRGC officials believe that they are better positioned to escalate.
An escalation would be highly bullish for crude oil prices. In addition to blocking the Strait of Hormuz and Bab el-Mandeb Strait, Iranians may boost attacks against oil and gas infrastructure in the region. Iran is also considering attacks against key US interests, including the subsea internet cables that pass through the Strait.
