International News: Oil prices rise as U.S. threatens indefinite blockade of Iran

By Zoila Palma:  Oil prices climbed today and were on track to record weekly gains after the United States threatened to maintain an indefinite naval blockade of Iran, raising concerns about potential disruptions to crude supplies from the Middle East.

Brent crude futures rose $1.43, or 1.64%, to $88.50 a barrel, while U.S. West Texas Intermediate crude gained $1.56, or 1.92%, to $82.81 a barrel as of 0810 GMT, Reuters report.

Analysts said the latest U.S. threats could prolong tensions in the Middle East and reduce the prospects for a quick resolution to the conflict.

The United States warned Thursday that it could maintain the naval blockade indefinitely and increase economic pressure on Tehran as ceasefire talks stalled.

The developments come as Iran has restricted traffic through the Strait of Hormuz, a crucial shipping route that handled roughly one-fifth of global daily oil and liquefied natural gas supplies before the conflict began in late February.

Shipping traffic through the strait declined toward the end of the week, while two vessels operated by Abu Dhabi National Oil Company were reportedly attacked while transiting the waterway.

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