US Threatens Indefinite Blockade of Iran, Oil Prices Steady Amid Supply Concerns

Oil prices have steadied after the US threatened to maintain its naval blockade of Iran indefinitely. The move has revived concerns over crude supply, which had eased in previous sessions due to a weaker global demand outlook.

Brent futures rose by nine cents to $87.16 per barrel, while WTI crude futures increased by four cents to $81.29 per barrel. These gains come despite the two benchmarks falling more than 2% in the previous session.

The US Treasury Secretary Scott Bessent warned that the country will apply measures 'like never seen in the history of economic isolation' on Iran, sparking concerns over a longer war and its impact on oil supply.