World · 20 August 2026
Oil hits $94 as UAE cuts Iran ties, squeezing Strait of Hormuz
Brent crude hit roughly $94 a barrel on Thursday after the United Arab Emirates paused its financial links with Iran. Exports remain squeezed because shipping through the Strait of Hormuz has fallen significantly since the conflict began late last February. On Wednesday, Donald Trump threatened to punish the economy of any nation that provides "any type of lifeline" to Tehran.
Reported by Reuters · How we write briefs