Oil prices slipped in Asian trade on Friday, with Brent crude futures down 0.5% to $93.29 per barrel and West Texas Intermediate down 0.6% to $84.34 per barrel by 20:38 ET (00:38 GMT). Despite the pull‑back, Brent is on track for a weekly rise of more than 5%, marking a second consecutive week of strong gains. The price movement follows the United States’ announcement that it will impose its strictest ever economic sanctions on Iran, a stance reiterated by President Donald Trump, who warned of “toughest sanctions in history” and threatened nations that continue to support Tehran. Treasury Secretary Scott Bessent echoed the President’s threat on Thursday, emphasizing that Iran would face unprecedented sanctions. Iran, together with China—a major purchaser of Iranian crude—has rejected the proposed sanctions, and the specific measures remain undefined given existing U.S. restrictions on Iranian oil exports. The United States also continues its naval blockade of Iran, first imposed earlier in the year. Shipping data indicate that commercial traffic through the Strait of Hormuz remains at only a fraction of pre‑war levels, even as the U.S. claims otherwise. Iran has signaled it will keep the Strait closed until the United States complies with the terms of a preliminary peace agreement signed in June.