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Commodities

US Threat of Blockade Sends Oil Prices Soaring Amid Iran Tensions

Guavy AI Editorial Team
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Oil
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Oil prices rose on Friday and were poised to post weekly gains due to the United States' threat of an indefinite naval blockade of Iran, which has raised concerns about disruptions to crude supplies from the Middle East.

The Brent futures price was up 12 cents, or 0.14%, to $87.19 a barrel, while US West Texas Intermediate crude futures were up 50 cents, or 0.62%, to $81.75 a barrel.

This marks a potential weekly gain of about 4.3% for Brent and 4.6% for WTI.

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