Oil Prices Soar on Tanker Attacks, US-Iran Tensions
Oil prices surged on Friday as tanker attacks and escalating tensions between the US and Iran continued to plague global markets.
Brent futures rose by 80 cents, or 0.92%, to $87.87 a barrel at 10:48 a.m. CT (1548 GMT), while U.S. West Texas Intermediate crude futures gained 43 cents, or 0.53%, to $81.69 a barrel.
The price increase was largely due to the latest US approach to Iran, which implies little hope of a near-term resolution, according to Bjarne Schieldrop, chief commodities analyst at SEB Research.
On Thursday, the US stated it could maintain a naval blockade of Iran indefinitely and increase economic pressure on Tehran in response to stalled ceasefire talks. Treasury Secretary Scott Bessent warned that 'we are going to apply measures like have never been seen in the history of economic isolation of a country.'