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Oil gains as US warns Iran
The ongoing American threats to impose a naval blockade on Iran have led to a rise in oil prices, as the risks of disrupting global oil supplies increase. Brent crude oil prices reached $87.97 per barrel, up by 1.03%, while West Texas Intermediate rose to $82.16, up by 1.1%, with both benchmarks achieving weekly gains of nearly 4%. This comes amid escalating tensions in the region, where Iran has imposed restrictions on navigation through the Strait of Hormuz, further putting pressure on the market. Despite this, growth forecasts for demand have been revised downward according to OPEC reports and the International Energy Agency, while U.S. oil inventories have increased for more than three and a half years.
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