Oil prices inch higher after the US threatened to maintain a naval blockade of Iran indefinitely, reviving crude supply concerns, after prices fell in the previous session on a weaker global demand outlook, according to Reuters.
Brent futures rose 9 cents, or 0.1 per cent, to $87.16 a barrel, while US West Texas Intermediate (WTI) crude futures rose 4 cents to $81.29 a barrel.
The two benchmarks fell more than 2pc in the prior session, paring gains after a six-session rally for Brent and a five-session rise for WTI, but were on track for weekly rises of around 4pc.
