Oil Prices Rise on Extended Iranian Port Blockade
Brent crude climbed to $111.78 following reports that the U.S. will maintain its blockade on Iranian ports. Global supply concerns persist amid the standoff.
Brent Crude Oil rose 0.47% to $111.78 a barrel after reports the United States will extend its blockade of Iranian ports. The rally entered its eighth day as the June contract nears expiration on Thursday. Sustained supply disruptions in the Middle East are draining global inventories and keeping prices above the $100 threshold.
The Wall Street Journal reported late Tuesday that U.S. President Donald Trump instructed aides to prepare for an extended blockade of Iran. The policy aims to squeeze Iranian oil exports by preventing shipping to and from its ports. West Texas Oil rose 0.57% to $100.50 a barrel following a 3.7% gain in the previous session.
