Oil prices rose on Friday as stalled US-Iran talks and the threat of increased economic pressure on Tehran raised concerns over potential disruptions to crude supplies.
Brent crude futures gained 1.45% to $88.33 a barrel, while US West Texas Intermediate crude rose 1.26% to $82.27.
The gains put both benchmarks on track for sizeable weekly increases as uncertainty surrounding efforts to end the Iran war persisted. The United States has threatened to intensify economic pressure on Iran, including by extending a naval blockade.
Market participants are closely watching developments around the conflict amid concerns that any further escalation could disrupt oil flows and push prices higher. –Agencies
