London (HRNW)- Global oil prices edged higher after the United States threatened to extend its naval blockade of Iran indefinitely, reviving concerns over potential disruptions to Iranian crude supplies and global energy markets.
According to Reuters, Brent crude futures rose 9 cents, or 0.1 percent, to $87.16 per barrel, while US West Texas Intermediate (WTI) crude increased 4 cents to $81.29 per barrel.
A day earlier, both major benchmarks had fallen by more than 2 percent after Brent prices had risen for six consecutive sessions and WTI had gained for five straight sessions.
Despite the latest increase, both benchmarks remain on track for weekly gains of around 4 percent.
The recent volatility in oil prices has largely been driven by US measures against Iran and uncertainty surrounding the Strait of Hormuz. A prolonged disruption to Iran’s maritime trade and oil exports could further tighten global crude supplies.
The possibility of an extended US naval blockade has renewed investor concerns that oil shipments from the Middle East could face additional disruptions, potentially putting further upward pressure on crude prices.
Meanwhile, concerns over weak global oil demand contributed to the previous session’s decline. However, renewed supply risks linked to Iran and the Strait of Hormuz have once again become a major factor influencing oil markets.
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