Oil prices rose Friday after the U.S. said its naval blockade of Iranian ports could continue "indefinitely," reigniting concerns over energy flows through the critical Strait of Hormuz.
Brent futures, the international benchmark, were up 67 cents to $87.74 per barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 37 cents higher at $81.62.
Both benchmarks dipped 2% in Thursday's session, but remain on track for weekly rises of more than 4% following a sustained rally.
Friday's upward moves follow U.S. Treasury Secretary Scott Bessent's warnings in an interview with Newsmax of measures aimed at the "economic isolation" of Iran which "have never been seen".
Bessent's comments came after U.S. Defense Secretary Pete Hegseth told reporters U.S. forces could maintain an indefinite blockade of Iranian ports.
The warnings come after the United Arab Emirates said Thursday evening that Iran attacked two vessels from the state-owned Abu Dhabi National Oil Company which were transiting the strait.
Thursday's session saw prices retreat after Energy Secretary Chris Wright claimed that oil exports passing through the strait are now higher than many independent estimates.
The International Energy Agency said Wednesday that global oil demand is expected to fall further than previously expected this year amid the ongoing squeeze around the strait.
Got a confidential news tip? We want to hear from you.
Sign up for free newsletters and get more CNBC delivered to your inbox
Get this delivered to your inbox, and more info about our products and services.
© 2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company.
Data is a real-time snapshot *Data is delayed at least 15 minutes.
Global Business and Financial News, Stock Quotes, and Market Data
and Analysis.
