Oil edges higher as U.S. threatens indefinite Iran naval blockade

Oil prices inched up after the United States said it could keep a naval blockade of Iran in place indefinitely, reviving concerns about crude supply through the Strait of Hormuz (a key Gulf oil shipping route). Brent crude rose 9 cents, or 0.1%, to $87.16 a barrel by 0130 GMT, while U.S. West Texas Intermediate gained 4 cents to $81.29. The market was trying to stabilize after both benchmarks fell more than 2% in the previous session, though they were still on course for weekly gains of about 4%. Supply risks tied to the Iran conflict and stalled ceasefire talks were offset by weaker demand signals from OPEC and the International Energy Agency, as well as a sharp rise in U.S. crude inventories. U.S. Treasury Secretary Scott Bessent said more measures were coming, while Iran-linked tensions in the strait deepened after the UAE said two Abu Dhabi National Oil Company vessels were attacked and blamed Iran.

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