US Threatens Indefinite Naval Blockade of Iran, Oil Prices Rise

Oil prices rose on Friday following the US threat of an indefinite naval blockade of Iran, pushing them closer to weekly gains.

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

Bjarne Schieldrop at SEB Research said the latest US approach implies 'a substantial extension of the trouble in the Middle East' with little hope for a near-term resolution.

Treasury Secretary Scott Bessent warned that the US would maintain economic pressure on Tehran and apply measures 'like have never been seen in the history of economic isolation of a country.'