Crude oil prices marched higher in Thursday’s trade, climbing to their highest levels in nearly a month as the United States prepared to impose a sweeping package of economic measures aimed at further isolating Iran from international financial and commercial channels.

International benchmark Brent crude rose by nearly $3 to around $92 a barrel, hitting its highest since July 22, and extending its gains for a fifth consecutive session. U.S. benchmark West Texas Intermediate (WTI) crude jumped 3.3% to $86.72 a barrel.

US Treasury Secretary Scott Bessent said on Thursday that Iran would face the “greatest coordinated economic isolation in the history of the world.”

In an interview with CNBC, Bessent threatened secondary sanctions against countries and companies that continue to conduct business with Iran, saying it was time for US allies to decide where they stand.

China and India are major buyers of Iranian oil, although Bessent did not name either country directly. He suggested that an expanded sanctions campaign could reduce the immediate need for another major US military offensive against Iran.