Economy
Brent Crude Rises to $87.16 a Barrel Amid U.S. Maritime Sanctions Threat
Oil prices edged higher on Friday as U.S. threats to extend maritime sanctions on Iran reignited supply concerns, reversing the prior session’s decline driven by weak global demand expectations.
Oil prices posted a modest gain on Friday following U.S. warnings that it would maintain its maritime blockade against Iran indefinitely—a development that revived concerns over crude oil supply availability. The advance followed a retreat in the previous trading session, which had been prompted by forecasts of subdued global demand.
The front-month futures contract for Brent crude climbed nine cents, or 0.1 percent, to $87.16 per barrel as of 0130 GMT. Simultaneously, U.S. West Texas Intermediate (WTI) crude futures rose four cents to $81.29 per barrel.
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