Oil set for weekly increase amid US Iran sanctions

On Friday, oil prices were affected by the United States' threat to impose a permanent naval blockade on Iran, which raised concerns about potential disruptions to oil supplies from the Middle East. Brent contracts increased by 0.14% to reach $87.19 per barrel, while West Texas Intermediate contracts rose by 0.62% to $81.75, with both benchmarks achieving weekly gains of approximately 4.3% and 4.6%, respectively. This reflects growing risks to global oil supplies resulting from the escalation of American pressure, especially as maritime traffic through the Strait of Hormuz has declined—an important route that previously carried about one-fifth of global oil exports before tensions intensified. Nonetheless, reports from OPEC and the International Energy Agency indicate that U.S. oil inventories remain strong, which could limit further price increases.

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