Oil prices rise after US Iran warning
Oil prices experienced a slight increase today, Friday, after the United States threatened to maintain the maritime blockade on Iran indefinitely, raising concerns about global oil supplies. Brent crude futures rose nine cents to $87.16 per barrel, while West Texas Intermediate futures increased four cents to $81.29, despite declining in the previous session. Nonetheless, prices are still heading toward weekly gains of nearly 4%, driven by tensions related to the Strait of Hormuz and U.S. sanctions on Iran. This comes amid Iran continuing to impose restrictions on traffic through the strait, which previously passed 20% of the world's oil, leading to higher fuel prices and increased pressure on markets.
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