Crude prices tick higher as US extends blockade on Iran
Business
Crude oil prices ticked higher this morning after the US announced plans to keep a naval blockade going for the long haul and to apply measures of intensified economic pressure on Iran.
The goal? To squeeze Iran's already struggling economy, which is dealing with high inflation and severe economic distress.
US Navy will rotate blockade ships
Brent crude is up slightly at $87.22 a barrel, while WTI sits at $81.44. In India, crude futures dipped a bit on MCX, trading around ₹7,768.
US officials say the US Navy will keep rotating ships for the blockade indefinitely and hint that even bigger economic moves are coming soon.
President Trump pointed to the blockade as the reason behind Iran's financial troubles, including issues paying its troops.