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Commodities

Oil Prices Steady Amid US Threats Against Iran Blockade

Guavy AI Editorial Team
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Oil
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New developments in the Iran-US conflict sent oil prices fluctuating on Friday. The US threatened an indefinite naval blockade of Iran, sparking concerns about crude supply. Brent futures rose by 1 cent to $87.08 a barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 6 cents to $81.31 a barrel.

The oil benchmarks are on track for weekly gains of approximately 4% after the previous session's decline. Despite bearish crude stock data, the geopolitical backdrop is preventing a sharper price drop, according to Susan Bell, senior vice president for oil commodity markets at Rystad Energy.

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