Global oil benchmarks recorded modest gains following statements from the United States threatening to maintain an indefinite naval blockade on Iran. The move reignited supply disruption concerns across energy markets, reversing part of the losses from the previous session caused by broader global demand weakness forecasts. Brent crude futures rose 0.1% to $87.16 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased to $81.29 per barrel. Despite dipping over 2% earlier, both benchmarks remain on track for weekly gains of approximately 4%. The escalation follows remarks from U.S. Treasury Secretary Scott Bessent, who warned that Washington could sustain its maritime blockade on Iran indefinitely as ceasefire negotiations remain stalled. Bessent indicated that additional economic pressure and unprecedented isolation measures would be announced in the coming days. Simultaneously, ongoing Iranian restrictions on shipping through the Strait of Hormuz—a strategic maritime choke point that previously handled roughly 20% of global oil flow—continue to pressure international markets. Tension in the waterway rose further after the United Arab Emirates reported that two tankers belonging to the Abu Dhabi National Oil Company (ADNOC) were attacked, leading Emirati officials to denounce the incident as a hostile Iranian act targeting commercial navigation. Source: The Business Standard / Reuters via Rum Online News Agency
Global oil benchmarks recorded modest gains following statements from the United States threatening to maintain an indefinite naval blockade on Iran. The move reignited supply disruption concerns across energy markets, reversing part of the losses from the previous session caused by broader global demand weakness forecasts. Brent crude futures rose 0.1% to $87.16 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased to $81.29 per barrel. Despite dipping over 2% earlier, both benchmarks remain on track for weekly gains of approximately 4%. The escalation follows remarks from U.S. Treasury Secretary Scott Bessent, who warned that Washington could sustain its maritime blockade on Iran indefinitely as ceasefire negotiations remain stalled. Bessent indicated that additional economic pressure and unprecedented isolation measures would be announced in the coming days. Simultaneously, ongoing Iranian restrictions on shipping through the Strait of Hormuz—a strategic maritime choke point that previously handled roughly 20% of global oil flow—continue to pressure international markets. Tension in the waterway rose further after the United Arab Emirates reported that two tankers belonging to the Abu Dhabi National Oil Company (ADNOC) were attacked, leading Emirati officials to denounce the incident as a hostile Iranian act targeting commercial navigation. Source: The Business Standard / Reuters via Rum Online News Agency
Global oil benchmarks recorded modest gains following statements from the United States threatening to maintain an indefinite naval blockade on Iran. The move reignited supply disruption concerns across energy markets, reversing part of the losses from the previous session caused by broader global demand weakness forecasts. Brent crude futures rose 0.1% to $87.16 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased to $81.29 per barrel. Despite dipping over 2% earlier, both benchmarks remain on track for weekly gains of approximately 4%. The escalation follows remarks from U.S. Treasury Secretary Scott Bessent, who warned that Washington could sustain its maritime blockade on Iran indefinitely as ceasefire negotiations remain stalled. Bessent indicated that additional economic pressure and unprecedented isolation measures would be announced in the coming days. Simultaneously, ongoing Iranian restrictions on shipping through the Strait of Hormuz—a strategic maritime choke point that previously handled roughly 20% of global oil flow—continue to pressure international markets. Tension in the waterway rose further after the United Arab Emirates reported that two tankers belonging to the Abu Dhabi National Oil Company (ADNOC) were attacked, leading Emirati officials to denounce the incident as a hostile Iranian act targeting commercial navigation. Source: The Business Standard / Reuters via Rum Online News Agency
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Oil Prices Rise Following U.S. Threats of Extended Iranian Blockade
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