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US Threatens Indefinite Blockade on Iran, Oil Prices Spike

Guavy AI Editorial Team
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Oil
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Oil prices surged on Friday after the US threatened to maintain an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.

The Brent futures rose by $1.43 (1.64%) to $88.50 a barrel at 0810 GMT, while U.S. West Texas Intermediate crude futures increased by $1.56 (1.92%) to $82.81 a barrel.

SEB Research's Bjarne Schieldrop stated that higher oil prices are a natural result of the US approach, implying a substantial extension of trouble in the Middle East with little hope of a near-term resolution.

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