Oil Prices Rise as US Threatens Economic Isolation of Iran

Deep News08-14 17:01

Oil prices climbed during Friday's morning trading session.

This followed a US statement suggesting that the maritime blockade of Iranian ports could be maintained indefinitely, reigniting market concerns about potential disruptions to energy shipments through the strategically vital Strait of Hormuz.

International benchmark Brent crude futures rose 1.8% to $88.64 per barrel, while US West Texas Intermediate (WTI) crude futures gained 2% to $82.89 per barrel. Both major crude benchmarks had fallen by 2% during intraday trading on Thursday, but they are still on track for a weekly gain of approximately 4% after a sustained rally.

Friday's oil price strength came after US Treasury Secretary Scott Bessent warned in an interview with Newsmax TV that Washington would take unprecedented steps to economically isolate Iran. This statement followed earlier comments by US Defense Secretary Pete Hegseth, who told reporters that the US military could maintain a blockade of Iranian ports indefinitely.

These strong US declarations came after the UAE reported on Thursday evening that two vessels belonging to the state-owned Abu Dhabi National Oil Company had been attacked by Iran while navigating the Strait of Hormuz.

Oil prices had retreated on Thursday when US Energy Secretary Chris Wright stated that the current volume of oil being shipped through the Strait of Hormuz was higher than estimates from several independent agencies. The International Energy Agency released a view on Wednesday, suggesting that due to the ongoing tensions in the Strait, the decline in global oil demand this year is expected to be greater than previously forecast.

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