Oil Rises as White House Signals Indefinite Naval Blockade

Crude is trending higher on a run of bullish headlines. Two Abu Dhabi National Oil Co. vessels, among the few still successfully moving oil through the Strait of Hormuz, were attacked late Thursday. The White House added to the pressure by saying its naval blockade on Iran could stay in place indefinitely and signaling new economic measures against the regime. Reports of fuel shortages spreading across Russia are adding another layer to the tightening global supply picture. Risk remains heavily skewed to the upside.Container ship leaving port by Aerial-motion via Shutterstock