Oil rises on US Iran blockade threat
The United States has indefinitely heightened its threat of a naval blockade against Iran, leading to a slight increase in oil prices after a previous decline. Brent crude reached $87.16 per barrel, while West Texas Intermediate rose to $81.29 per barrel, with weekly gains expected to continue around 4%. The Strait of Hormuz, through which 20% of the world's oil passes, has been targeted by Iranian restrictions, resulting in higher fuel prices amid attacks on Emirati oil tankers and escalating tensions.
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