Commodities
US Threatens Indefinite Blockade of Iran, Crude Prices Hold Steady
Oil prices stabilized on Friday after the United States threatened to impose an indefinite naval blockade of Iran, sparking concerns about crude supply.
The price of Brent futures rose by 1 cent, or 0.1%, to $87.08 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $81.31 a barrel, according to market data.
Rystad Energy's senior vice president for oil commodity markets, Susan Bell, noted that despite bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline.
The U.S. Treasury Secretary, Scott Bessent, warned that the country could maintain a naval blockade of Iran indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.