Oil Prices Jump After Trump’s Latest Iran Threat

Oil prices rose near their highest levels in a month on Thursday after President Trump claimed he would level “tremendous economic consequences” on countries that did business with Iran.

Without naming countries or details on possible actions, Mr. Trump said on social media on Wednesday suggested he could target countries that buy Iranian oil. A U.S. Navy blockade has already cut off Iran’s seaborne oil exports.

High oil prices have fueled fears about inflation, with the costs of gasoline, diesel and other products derived from crude oil up sharply since the start of the war in Iran nearly six months ago. This anxiety has also been reflected in bond market volatility.