Oil prices rose on Friday after the United States said its naval blockade of Iranian ports could continue “indefinitely”, reigniting concerns about energy flows through the crucial Strait of Hormuz.
brent futuresThe international benchmark rose 1.7% to close at $88.52 per barrel. US West Texas Intermediate (WTI) Crude Oil Futures The stock rose 1.4% to settle at $82.40.
Both benchmarks fell 2% in Thursday trading but are up more than 5% for the week.
Brent.
Friday’s upward move came after U.S. Treasury Secretary Scott Bessent warned of “never seen before” measures aimed at “economic isolation” of Iran in an interview with Newsmax.
Bessent’s comments came after U.S. Defense Secretary Pete Hegseth told reporters that the U.S. military may maintain an indefinite blockade of Iranian ports.
The warning came after the United Arab Emirates announced Thursday night that Iran had attacked two ships of the state-run Abu Dhabi National Oil Company that were passing through the strait.
West Texas Intermediate Futures.
