Oil Rises as U.S. Threatens 'Economic Isolation' of Iran
Crude prices climbed Friday after Washington warned its naval blockade of Iranian ports could run indefinitely, reigniting supply fears through the Strait of Hormuz.
Oil prices went up again on Friday trading session after the United States signaled its boycott against Iranian ports could keep going without any time limit, reviving concerns about how everything flows through the vital Strait of Hormuz.
Brent price went up to $87.31 per barrel after the end of Friday's trading session, while WTI price went up to $81.53 per barrel.
The moves follow warnings from the U.S. Treasury Secretary Scott Bessent, who told Newsmax the U.S. is preparing heavy "economic isolation" measures against Iran. His comments came after Defense Secretary Pete Hegseth said American forces could maintain an indefinite blockade of Iranian ports.
Tensions escalated further after the UAE government said Iran attacked two ships from the Abu Dhabi National Oil Company as they transited through the strait.
On the other hand, gold has slightly recovered on Friday, and ended the trading session at the price of $4375.7 per troy ounce, up for about 0.56% in the past 24 hours alone.
Related assets: Crude Oil, Brent Crude