US Threatens Open-Ended Blockade of Iran Amid Oil Price Volatility

Oil prices rose slightly on Friday after the US threatened to impose an open-ended naval blockade of Iran, renewing concerns about crude oil supplies.

The move came after prices fell in the previous session due to expectations of weaker global demand. However, both Brent and WTI futures are still heading for weekly gains of around 4%.

The US Treasury Secretary Scott Bessent warned that the country will impose measures unprecedented in the history of economic isolation of any country amid stalled ceasefire talks with Iran.