Oil prices climbed after the United States said its naval blockade of Iranian ports could continue indefinitely, renewing concerns over energy flows through the Strait of Hormuz.
Crude Oil Gains on Supply Concerns
Brent crude futures, the international benchmark, rose 1.7% to close at $88.52 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 1.4% to settle at $82.40.
Both benchmarks had declined 2% during Thursday’s session but still finished more than 5% higher for the week.
U.S. Warnings Increase Market Tensions
The move higher followed comments from U.S. officials regarding additional pressure on Iran. Treasury Secretary Scott Bessent warned of measures aimed at the “economic isolation” of Iran, while Defense Secretary Pete Hegseth said U.S. forces could maintain a naval blockade of Iranian ports indefinitely.
The comments came after the United Arab Emirates said Iran attacked two vessels operated by the state-owned Abu Dhabi National Oil Company while they were transiting the Strait of Hormuz.
Hormuz Supply Outlook Remains Uncertain
Oil markets have remained focused on the impact of disruptions around the Strait of Hormuz, a key route for global energy shipments.
Prices had moved lower during Thursday’s session after Energy Secretary Chris Wright said oil exports through the strait were higher than many independent estimates.
The International Energy Agency said global oil demand is expected to decline more than previously forecast this year amid continued pressure surrounding the strait.
