Oil steadies after US threatens indefinite blockade of Iran
Oil prices inched up on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about the supply of crude after the previous session fell on a weaker outlook for demand and a large build in US stocks.
The latest US threats come as Iran curbs traffic through the Strait of Hormuz, which carried 20% of the world’s oil before the conflict, driving up fuel prices and putting pressure on President Donald Trump to end a war that is unpopular at home.
Two vessels from the state-owned Abu Dhabi National Oil Company were attacked while transiting the Strait of Hormuz on Thursday, said UAE state news agency WAM, an incident the United Arab Emirates government condemned as an Iranian attack.
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