Oil Prices Soar on Fears of Prolonged Middle East Supply Disruptions

Global oil prices surged on Friday as tensions between the United States and Iran intensified, sparking concerns over the security of crude shipments from the Middle East.

The US naval blockade of Iran could continue indefinitely, according to Washington, while the administration considers additional economic measures against Tehran.

Bjarne Schieldrop, chief analyst at SEB Research, said the prospect of prolonged US pressure on Iran has increased uncertainty in the oil market.

Oil markets reacted strongly to the latest developments, with Brent crude futures gaining $1.43 or 1.64% to reach $88.50 a barrel by 0810 GMT, while US West Texas Intermediate (WTI) crude advanced $1.56 or 1.92% to $82.81 a barrel.