US-Iran Tensions Spark Oil Price Rally Amid Global Supply Fears

Oil prices rose again after the United States threatened an indefinite naval blockade of Iran, heightening concerns that escalating tensions could disrupt global crude supplies.

The Brent crude futures gained $0.90 or 1.03%, to $87.97 a barrel by 0653 GMT, while US West Texas Intermediate (WTI) crude futures climbed $0.91 to $82.16 a barrel.

Despite the rise, both benchmarks were on track for weekly gains of around 4%, despite falling more than 2% in the previous session.

Susan Bell, senior vice president for oil commodity markets at Rystad Energy, noted that 'despite bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline.'