[International Oil Prices] Rebound a Day After a Sharp Drop... U.S. Warns of an "Indefinite Maritime Blockade" on IRAN

[Financial News]  

International oil prices rose across the board on the 14th local time. After falling by more than 2% the previous day, they reversed course and climbed by around 1.5% on the day.
On a weekly basis, they surged about 5%.
The move came after Scott Bessent, the United States Secretary of the Treasury, said the previous day that Washington would pursue unprecedented economic sanctions on IRAN and continue the maritime blockade. Pete Hegseth, the Minister of National Defense, also declared that the blockade could continue "indefinitely."
Experts say the Trump administration has effectively drawn a line in the sand for a war with IRAN, as negative reports continue to emerge, including ammunition shortages and falling morale.
In particular, concerns are rising that an indefinite maritime blockade on IRAN would be a negative factor pushing global oil prices higher.
Amid these concerns, Brent Crude Oil and the front-month West Texas Intermediate crude oil (WTI), the global and U.S. benchmarks, respectively, both turned higher.
The October Brent Crude Oil contract on the Intercontinental Exchange (ICE) settled at $88.52 per barrel, up $1.45, or 1.67%, from the previous session.
The September WTI contract closed at $82.40 per barrel, up $1.15, or 1.42%.
Despite a drop of more than 2% the previous day, Brent Crude Oil and WTI posted weekly gains of 5.95% and 5.40%, respectively.

[email protected] Song Kyung-jae Reporter