Oil prices today: Crude edges higher as US-Iran tensions revive supply concerns

AI Summary

Oil prices increased slightly amid renewed tensions between the US and Iran, with the US threatening a naval blockade against Iran, raising supply disruption concerns in the Strait of Hormuz. However, weaker demand forecasts and rising US inventories moderated price gains.

Oil prices saw a slight increase on Friday due to renewed supply concerns. The United States threatened an indefinite naval blockade of Iran, escalating economic pressure. This action heightened worries about potential disruptions to crude oil flows through the Strait of Hormuz. However, weaker demand forecasts and rising US inventories limited the overall price gains. Conflicting supply and demand factors are currently keeping the oil market balanced.