Oil Rises as US-Iran Standoff Threatens Prolonged Supply Shock

Oil rose on signals that a US blockade on Iranian ports could go on for an extended period, prolonging an unprecedented supply shock that has roiled energy markets.

Brent rose above $117 a barrel, while West Texas Intermediate traded around $105 a barrel. US President Donald Trump has told his aides to prepare for an extended blockade and that it carries less of a risk for the US than resuming hostilities or walking away from the conflict without a deal that curbs Iran’s nuclear activities, the Wall Street Journal reported, citing unnamed American officials.