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Commodities

US Threatens Indefinite Naval Blockade of Iran, Oil Prices Steady

Guavy AI Editorial Team
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Oil
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Oil prices steadied on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about crude supply.

The warning from Washington came as Iran curbs traffic through the Strait of Hormuz, which carried 20% of the world's oil before the conflict. This has driven up fuel prices and put pressure on President Donald Trump to end a war that is unpopular at home.

Brent futures rose 1 cent to $87.08 a barrel by 0247 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 6 cents to $81.31 a barrel.

Rystad Energy's Susan Bell said that despite bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline.

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