US Naval Blockade Threat Sends Oil Prices Soaring

Oil prices rose on Friday and are heading for a weekly gain after the United States threatened to maintain its naval blockade on Iran indefinitely, raising concerns about potential disruptions to crude supplies from the Middle East.

The price of Brent crude futures increased by $1.43 or 1.64% to $88.50 a barrel at 08:10 GMT, while US West Texas Intermediate crude futures gained $1.56 or 1.92% to $82.81 a barrel.

The US warned on Thursday that it could maintain its naval blockade on Iran indefinitely, intensifying economic pressure on Tehran as ceasefire talks remained stalled.