Oil rises on U.S. Iran blockade threat
Oil prices rose by approximately 4% over the week, supported by escalating geopolitical risks in the Middle East, especially with the United States threatening to maintain a naval blockade on Iran and the possibility of escalating economic pressures. This has heightened concerns about disruptions to global oil supplies. Brent futures increased to $87.97 per barrel, while West Texas gas rose to $82.16, amid worries about Iran restricting navigation through the Strait of Hormuz and threats of increasing economic isolation on Tehran, coupled with a decline in global demand expectations due to rising inventories and attacks on two oil tankers in the Strait of Hormuz.
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