US Threatens Indefinite Naval Blockade of Iran, Reviving Oil Price Concerns

Oil prices steadied on Friday after the US threatened to maintain a naval blockade of Iran indefinitely, reviving concerns about crude supply.

The threat from the US came as Iran continues to limit traffic through the Strait of Hormuz, which carried 20% of the world's oil before the conflict.

Brent futures rose 9 cents to $87.16 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $81.29 a barrel, after falling more than 2% in the prior session.

US Treasury Secretary Scott Bessent said the US would apply measures like never seen before on a country, as ceasefire talks have stalled.