Oil prices rose slightly in Friday trading, after Washington’s threat to maintain the naval blockade on Iran renewed concerns about crude supplies.
Brent crude rose 9 cents to $87.16 a barrel, while US West Texas Intermediate crude rose 4 cents to $81.29.
The two raw materials lost more than 2% in the previous session due to expectations of weak global demand, but they are still heading to record weekly gains of approximately 4%.
The United States confirmed its ability to continue the blockade indefinitely, with ceasefire talks faltering, while Treasury Secretary Scott Besent promised new economic measures against Tehran next week. Reuters
The developments coincide with the continued Iranian restrictions on navigation through the Strait of Hormuz, in addition to two tankers belonging to ADNOC being attacked while crossing the Strait, according to the Emirates News Agency. (Reuters)
