Oil up after US threatens Iran with 'indefinite' blockade and financial pain
Oil prices were up on Friday as tensions continued to simmer in the Middle East after the US threatened Iran with an “indefinite” blockade and financial sanctions, reigniting supply worries. Brent, the benchmark for two thirds of the world's oil, was up 1.03 per cent at $87.97 a barrel at 1.09pm UAE time. West Texas Intermediate, the gauge that tracks US crude, added 1.62 per cent to $82.56 per…
Oil prices climbed on Friday as tensions between the United States and Iran persisted, with the US threatening Iran with an "indefinite" blockade and financial sanctions. Brent crude, the benchmark for two-thirds of the world's oil, rose 1.03 percent to $87.97 a barrel, while West Texas Intermediate increased 1.62 percent to $82.56 per barrel.
US Defence Secretary Pete Hegseth stated that the US Navy could maintain a presence in the region indefinitely to enforce the blockade. Treasury Secretary Scott Bessent added that Washington planned to inflict further financial damage on Iran, hinting at unprecedented economic isolation measures. The ongoing conflict and attacks in the Red Sea have kept oil prices high this week, with crude prices on track for a weekly gain of nearly 6 percent.
Oil market analysts attribute the price surge to uncertainty surrounding the US-Iran conflict, with the International Energy Agency cutting its 2026 global oil supply forecast to its lowest level of the year due to continued closures of the Strait of Hormuz and attacks in the Bab Al Mandeb strait.
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