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Oil edges higher as US threatens stronger economic pressure on Iran
Brent settled above $88 a barrel and is up about 6% for the week, as the US also maintains a naval blockade tied to efforts to reopen the Strait of Hormuz.
Oil prices rose as traders weighed a US warning of further, unprecedented economic measures against Iran, amid the conflict that has disrupted shipping through the Strait of Hormuz for more than five months, according to LiveMint Markets, citing Bloomberg. Brent settled above $88 a barrel, marking a roughly 6% gain for the week. US Treasury Secretary Scott Bessent said the US will apply economic pressure on Iran “like the world has never seen,” with additional steps expected next week, while the US will continue a naval blockade of Iranian ports as it urges Tehran to reopen the energy chokepoint. Oil futures have surged more than 40% this year as the war has snarled output and exports from top OPEC producers in the Persian Gulf, even as companies have found ways to move crude to global markets. The International Energy Agency forecast a deeper supply shortfall this quarter and expects the deficit in 2026 to widen to the largest in five years. Market watchers are also parsing whether more crude is moving through Hormuz as talks between Iran and Oman have not produced a deal, LiveMint Markets reported. US Energy Secretary Chris Wright said US escort capacity through the strait is increasing, potentially raising flows, while the risk of transiting remains, with some tankers reportedly switching off transponders to reduce strike risk, according to the article.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%