US-Iran Tensions Send Oil Prices Rising Amid Supply Concerns
Oil prices rose on Friday due to renewed concerns over crude supplies following the US threat to maintain a naval blockade of Iran indefinitely.
The price of Brent crude futures increased by 9 cents to $87.16 a barrel, while US West Texas Intermediate (WTI) crude gained 4 cents to $81.29 a barrel.
This uptick comes after both benchmarks experienced a decline of more than 2% in the previous session.
US Treasury Secretary Scott Bessent indicated that further measures against Iran are forthcoming, stating, “Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country.”
This stance has raised concerns about the possibility of ongoing disruptions to oil flows in the region.