Commodities
US Threats Send Oil Prices Soaring Amid Iran Blockade Fears
Oil prices rose on Friday after the US threatened an indefinite naval blockade of Iran, reviving concerns about crude supply. Brent futures climbed $0.90 (1.03%) to $87.97 a barrel, while WTI crude futures gained $0.91 (1.11%) to $82.16 a barrel.
The US Treasury Secretary warned that the country could maintain the blockade indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.
Rystad Energy's Susan Bell noted that despite bearish stock data, the broader geopolitical backdrop is preventing a sharper price decline.