Global oil prices crept higher on Friday after the United States signalled its willingness to maintain an indefinite naval blockade against Iran, raising fresh concerns about supply disruptions in the energy market.
Brent crude futures inched up by one cent, or 0.1%, to $87.08 per barrel in early Asian trading, while US West Texas Intermediate crude futures added six cents to reach $81.31 per barrel. The modest gains reflected heightened geopolitical risk premiums being priced into the market.
The US threat of a prolonged blockade represents a significant escalation in tensions between Washington and Tehran. Any disruption to Iranian oil exports — even partial — could tighten global supplies at a time when the market is already grappling with production constraints and recovering demand across major economies.
