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Oil increases amid U.S. Iran tensions
Oil prices are rising following a new U.S. threat against Iran, as Washington announced the possibility of continuing its maritime blockade of Tehran indefinitely to increase pressure on Iran, especially amid declining prospects for a ceasefire agreement. Futures contracts for Brent crude briefly climbed to around $87.16 per barrel, and West Texas Intermediate to approximately $81.29, after an earlier drop of over 2%. Despite this, both are on track to achieve weekly gains of nearly 4%. These escalations come amid Iran imposing restrictions on traffic through the Strait of Hormuz, which used to see 20% of the world's oil pass through before the conflict, along with threats from the UAE over two tankers being attacked while crossing the strait. Meanwhile, international tensions regarding oil supplies and regional security continue to rise.
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