US Naval Blockade Sends Oil Prices Up as Economic Pressure Mounts on Iran

Crude oil futures rose on Friday after US Defence Secretary Pete Hegseth said the US military can maintain a naval blockade of Iran indefinitely. The US is intensifying economic pressure on Iran, according to US Treasury Secretary Scott Bessent.

The US Navy has been enforcing its blockade of Iran in the West Asia region, and Hegseth stated that they have the capability to rotate ships in and out, allowing them to maintain the blockade indefinitely.

US President Donald Trump had previously said that the US is watching Iran with huge inflation, stating that it has no money to pay its troops. The US naval blockade has exacerbated the Iranian regime's economic crisis, Trump added.