Eco
Oil prices saw a marginal increase on Friday, driven by renewed concerns over global crude supplies following US threats to maintain an indefinite naval blockade on Iran. This rise comes after prices declined in the previous session, a downturn attributed to forecasts of weakening global crude demand. Brent crude futures climbed by nine cents, reaching $87.16 per barrel, while US West Texas Intermediate (WTI) crude futures rose by four cents to hit $81.29 per barrel. Both contracts had fallen by over 2% in the preceding session, relinquishing some of the gains achieved during six consecutive sessions for Brent and five sessions for WTI. Nevertheless, both crudes are still on track for weekly gains of approximately 4%. The US threats on Thursday included continued escalation of economic pressure on Tehran, with the possibility of maintaining the naval blockade indefinitely, amidst stalled ceasefire talks.
