Oil edges up following US naval blockade threats against Iran

Oil prices edged up on Friday as the United States threatened to maintain a naval blockade of Iran indefinitely, reviving concerns over crude supplies after prices fell in the previous session on a weaker global demand outlook.

The two benchmarks dropped more than 2 per cent on Thursday, snapping a multi-day rally in both Brent and US West Texas Intermediate (WTI), although both remain on track for a weekly gain of about 4 per cent., reports Al Jazeera.

Brent futures rose 9 cents, or 0.1 per cent, to $87.16 a barrel as of 0130 GMT, while WTI crude futures gained 4 cents to $81.29 a barrel.