Oil prices rose on Friday and were on track for weekly gains after the United States threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
Brent futures were up $1.43, or 1.64%, to $88.50 a barrel at 0810 GMT, while U.S. West Texas Intermediate crude futures were up $1.56, or 1.92%, to $82.81 a barrel.
Bjarne Schieldrop at SEB Research said Hhigher oil prices are a natural result of the latest approach by the U.S., which implies a substantial extension of the trouble in the Middle East with little hope of a near-term resolution.
On Thursday night, the U.S. warned it could maintain a naval blockade of Iran indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.
Treasury Secretary Scott Bessent said: “Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation of a country.
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“A return to normal flows out of the Strait of Hormuz is now suddenly without any near-term hopes.”
The latest U.S. threats come as Iran curbs flows through the Strait of Hormuz, which handled about one-fifth of global daily oil and liquefied natural gas supplies before the conflict began in late February.
Shipping traffic in the strait fell below the month’s average towards the end of the week, with both countries making competing claims over control of the waterway.
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