Oil steadies after US threatens to blockade Iran indefinitely

Oil prices stabilized after the United States threatened to maintain a naval blockade of Iran indefinitely, reigniting concerns over crude supply after a decline in prices the previous day due to weaker global demand forecasts. Brent futures rose by 0.1% to $87.16 a barrel, while US West Texas Intermediate (WTI) crude futures increased by 0.1% to $81.29 a barrel.

The US had previously indicated it could keep the blockade in place and escalate economic pressure on Tehran as ceasefire negotiations stalled. This development comes amid Iran's continued restrictions on traffic through the Strait of Hormuz, which accounts for 20% of global oil transport, contributing to rising fuel prices and mounting pressure on the US to end a war that has low domestic support.

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