US Threatens Indefinite Naval Blockade of Iran, Oil Prices Rebound

Oil prices stabilized on Friday after the US threatened to impose an indefinite naval blockade of Iran, sparking concerns about crude supply.

The move comes as Iran curbs traffic through the Strait of Hormuz, which carried 20% of the world's oil before the conflict, driving up fuel prices and putting pressure on President Donald Trump to end a war that is unpopular at home.

Brent futures rose one cent, or 0.1%, to US$87.08 (RM355.85) a barrel by 0247 GMT, while US West Texas Intermediate (WTI) crude futures rose six cents to US$81.31 a barrel.

Susan Bell, a senior vice-president for oil commodity markets at Rystad Energy, said that despite bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline.