Oil rises after US Iran blockade threat
Oil prices increased slightly after the United States threatened to continue the naval blockade of Iran indefinitely, reigniting concerns over global oil supplies. Brent crude rose modestly to $87.16 per barrel, while West Texas Intermediate reached $81.29, despite pulling back in the previous session. These developments come amid Iran's ongoing restrictions on navigation through the Strait of Hormuz, which previously saw 20% of the world's oil pass through before the conflict, with the potential to escalate tensions further and push oil prices higher.
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