US-Iran Tensions Send Oil Prices Soaring Amid Blockade Threat

Oil prices rose on Friday as tensions between the US and Iran continued to escalate. The faltering efforts to end the Iran war and the US threats to increase economic pressure on Tehran kept geopolitical risks high.

Brent crude increased by 0.7% to $87.68 a barrel, while US crude gained 0.3% to $81.49.

US Secretary of War Pete Hegseth stated that the United States could maintain its naval blockade on Iran 'indefinitely' by rotating ships in and out.

This prospect has oil and gas prices on track for significant weekly gains, according to Reuters.