US Vows Indefinite Blockade of Iran, Oil Prices Steady

Oil prices steadied on Friday after the US threatened to maintain a naval blockade of Iran indefinitely, reviving concerns over crude supply. The move comes as tensions between the two countries remain high.

The Brent futures rose by $0.09 (0.1%) to $87.16 per barrel, while US West Texas Intermediate (WTI) crude futures increased by 4 cents to $81.29 per barrel, according to data at 0130 GMT.

This week's price movements have been influenced by opposing pressures, with the prospect of a longer war constraining supply offset by forecasts from OPEC and the International Energy Agency lowering their outlooks for demand growth.

In an interview on Newsmax's 'Rob Schmitt Tonight' program, US Treasury Secretary Scott Bessent stated that the US would apply measures like never seen before in economic isolation on a country. He warned of more announcements to come next week.