Oil steadies following US Iran blockade threat

Oil prices rose slightly after the United States threatened to impose an open naval blockade on Iran, reviving concerns about oil supplies in the markets. Brent crude increased by 0.05% to reach $87.11 per barrel, while US West Texas Intermediate rose by 0.012% to $81.35 per barrel. Both benchmarks are nearing weekly gains of around 4%. These developments come amid escalating geopolitical tensions, as Washington warned of continued naval blockades against Iran and intensified economic pressures, with talks for a ceasefire stalling and navigation through the Strait of Hormuz—once transporting 20% of the world's oil supplies—diminishing. This has driven prices higher and added pressure on markets. Despite an increase in US oil stockpiles, geopolitical factors continue to support the market, though it faces challenges in achieving significant rises due to competing pressures.

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