Commodities
US Naval Blockade Concerns Send Oil Prices Soaring
Oil prices surged early Friday after the US signaled its naval blockade of Iranian ports could persist indefinitely, raising concerns over energy supply through the Strait of Hormuz.
The increase in oil prices comes as Brent crude rose nearly 1% to $87.91 per barrel and US West Texas Intermediate crude increased over 1% to $82.13.
The move follows US officials warning of unprecedented economic measures against Iran, along with reports of Iranian attacks on UAE oil vessels.