Slight Rise in Oil Prices After US Threatens Open Blockade on Iran

Oil prices recorded a slight rise today, Friday, after the United States threatened to maintain a naval blockade on Iran indefinitely, reigniting concerns about crude oil supplies. This comes after prices fell in the previous session amid expectations of weak global demand.

The two contracts dropped by more than two percent in the previous session, giving up part of the gains they had achieved after six consecutive sessions of rises for Brent crude and five for West Texas Intermediate crude. However, they are still on track for weekly gains of around four percent.

The United States said on Thursday that it could continue the naval blockade on Iran indefinitely and will escalate economic pressure on Tehran amid stalled ceasefire talks.

US Treasury Secretary Scott Bessent said in a television interview, “Expect more announcements next week, as we will impose unprecedented measures in the history of economic isolation of any country.”

The latest US threats come as Iran continues to impose restrictions on traffic through the Strait of Hormuz, through which 20 percent of global oil passed before the conflict, leading to higher fuel prices and putting pressure on US President Donald Trump to end an unpopular war at home.