🔻Global oil prices rose on Friday after a threat by Donald Trump, the president of the United States, to impose economic sanctions on countries that help Iran.

The price of Brent crude increased by 61 cents to $94.39 per barrel, and U.S. West Texas Intermediate crude also rose by 23 cents, trading at $87.06.

According to a Reuters report, over the course of this week, Brent oil has increased by more than six percent and U.S. crude by more than five percent.

Analysts say that the latest U.S. threat to intensify economic pressure on Iran and the country’s trading partners has increased concerns about tighter oil supply in the coming weeks.

Meanwhile, ship traffic through the Strait of Hormuz remains far below normal levels. Kepler tracking company data shows that on Thursday, only seven commercial ships passed through the Strait of Hormuz; a figure that was half of the day before.

Before the start of U.S. and Israeli attacks on Iran in late February, about one-fifth of global oil supply and liquefied natural gas supply passed through the Strait of Hormuz.

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