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Oil prices rose early Friday after the U.S. said its naval blockade of Iranian ports could continue “indefinitely”, reigniting concerns over energy flows through the critical Strait of Hormuz.
Brent futures, the international oil price benchmark, were 0.96% higher at $87.91 per barrel by 2:55 a.m. E.T., while U.S. West Texas Intermediate (WTI) crude futures added 1.08% to reach $82.13.
Both benchmarks dipped 2% in Thursday’s session, but remain on track for weekly rises of around 4% following a sustained rally.
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Brent.
Friday’s upward moves follow U.S. Treasury Secretary Scott Bessent‘s warnings in an interview with Newsmax of measures aimed at the “economic isolation” of Iran which “have never been seen”.
Bessent’s comments came after U.S. Defense Secretary Pete Hegseth told reporters U.S. forces could maintain an indefinite blockade of Iranian ports.
The warnings come after the United Arab Emirates said Thursday evening that Iran attacked two vessels from the state-owned Abu Dhabi National Oil Company which were transiting the strait.
Stock Chart IconStock chart iconWest Texas Intermediate futures.
Thursday’s session saw prices retreat after Energy Secretary Chris Wright claimed that oil exports passing through the strait are now higher than many independent estimates.
The International Energy Agency said Wednesday that global oil demand is expected to fall further than previously expected this year amid the ongoing squeeze around the strait.
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