US Blocks Iran Indefinitely, Oil Prices Bounce Back

Oil prices edged up on Friday after the US threatened to maintain its naval blockade of Iran indefinitely, reviving concerns about crude supply.

The US Treasury Secretary Scott Bessent said the US would apply 'measures like have never been seen in the history of economic isolation on a country' to put pressure on Tehran as ceasefire talks stalled.

Brent futures rose nine cents to $87.16 a barrel, while US West Texas Intermediate (WTI) crude futures rose four cents to $81.29 a barrel.