Oil prices edged higher on Friday as concerns over global crude supplies returned to the market following U.S. threats to maintain its naval blockade of Iran for an extended period.
Brent crude futures rose 9 cents, or 0.1%, to $87.16 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 4 cents to $81.29 per barrel.
The modest increase came after oil prices dropped more than 2% in the previous session, when traders focused on concerns about slowing global demand and its potential impact on energy consumption.
Despite that setback, both major oil benchmarks remain on track for strong weekly gains. Brent crude has posted gains for six consecutive sessions, while WTI has risen for five straight sessions.
As a result, oil prices are heading toward weekly gains of nearly 4%, supported by ongoing concerns about supply disruptions and geopolitical tensions.
Investors are closely monitoring developments in the region, particularly any actions that could affect oil exports and global supply levels. Market participants remain focused on how restrictions on crude shipments may influence prices in the weeks ahead.
While demand concerns continue to weigh on sentiment, supply-related risks are helping keep oil prices supported near recent highs.
