Oil prices rose nearly 3% after U.S. President Donald Trump pledged economic warfare against Iran and sanctions against its supporters, as the United Arab Emirates suspended trade with Tehran. Brent crude gained 2.9% to $94.31 per barrel and U.S. WTI futures climbed 3.3% to $88.67. The UAE, a key commercial partner of Iran, said two ballistic missiles had been launched from Iran toward its territory, which Tehran denied. This escalation intensifies the economic pressure already facing Iran under U.S. sanctions and makes a potential ceasefire agreement even less likely.
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