Oil steadies after US threatens to blockade Iran indefinitely

Oil prices edged higher on Friday amidst fresh supply anxieties, largely sparked by the U.S.'s warning of a possible indefinite naval blockade against Iran. This development has reignited fears about crude oil supplies on the global stage. However, forecasts indicating reduced growth in demand provided some stabilization. Compounding the situation, two ships were attacked in the Strait of Hormuz the previous evening.