Oil prices climb after President Trump imposes new Iran sanctions
Business
Oil prices are climbing again (Brent crude just crossed $92 a barrel) after President Trump hit Iran with tough new sanctions.
This is the fifth day in a row of price hikes, and it's all happening as tensions heat up around the Strait of Hormuz, a key global oil route.
UAE cuts economic ties with Tehran
Trump called these measures "Economic Warfare and Isolation on an unprecedented scale," aiming to cut off Iran's financial support and disrupt its shipping.
He also warned that countries helping Iran could face "severe economic repercussions."
The United Arab Emirates has now cut economic ties with Tehran, and a US naval blockade is making it even harder for Iran to sell oil, especially tough news for China, its biggest customer.