Oil prices surged nearly 6% this week! The US launched an “economic landing in Normandy” with Iran, and crude oil exports almost stagnated

The Zhitong Finance App notes that due to the US push to isolate Iran's economy, market concerns about further disruptions in supply have intensified, and oil prices are expected to record significant increases this week.

The price of WTI crude oil futures for October delivery was above $86 per barrel. The contract has accumulated a cumulative increase of nearly 6% so far this week. The global benchmark Brent crude oil futures closed at around $94 a barrel on Thursday after five consecutive trading days higher.

US Treasury Secretary Scott Bessent said that after President Trump described the move as an “economic landing day in Normandy,” the administration will announce the details of the plan next Monday. These measures will target Tehran and may affect countries that do business with the Islamic Republic of Iran.

According to the report, Rezai, a member of the National Security and Foreign Policy Committee of the Iranian Parliament, stressed on the 19th that if Iran's interests anywhere in the world are harmed, Iran will counter hostile countries and governments in the Strait of Hormuz by increasing tariffs or seizing assets.

CNN quoted an American official on the 19th as saying that Trump has instructed senior government envoys to suspend dialogue with Iran. The official revealed that Trump is unhappy with Iran's unwillingness to give in to its demands, and he hopes to wait until Iran's leaders release a new will and show that they are willing to reach the agreement he is seeking before resuming contacts.

On the 20th local time, Iranian Foreign Minister Alagzi said on social media that the threat to “launch economic action” against Iran was intended to divert US attention from fiscal issues, including high debt and rising interest expenses. He said that continuing to stick to the previous relevant policy against Iran will only bring more failure and increase the dissatisfaction of the Iranians with the US side.

Since this year, oil prices have increased by more than 50% cumulatively. As the conflict between the US and Iran has turned the energy-rich Middle East region into turmoil, the two sides are in a game in the Strait of Hormuz. In an interview, Bessent said that Washington controls this waterway, and ships can leave via the south-bound waterway.

Just as the US imposes a maritime blockade on Iran's ports to cut off exports of crude oil, this wave of economic pressure has further escalated. The move appears to have begun to bear fruit. Iran's Central Bank Governor Abdulnasser Hemati said this week that crude oil exports “have actually stalled.”

In addition to the situation in the Middle East, Ukraine has launched dozens of attacks on Russian refineries and ports, disrupting Moscow's energy industry and causing fuel shortages in some regions. This has also exacerbated the tight supply situation in the global diesel market, where the increase in diesel prices far exceeds that of crude oil.