Oil prices rise

According to Business Recorder, Brent crude futures closed Friday at USD 94.39 a barrel, 61 cents or 0.65 percent higher, while US West Texas Intermediate settled at USD 87.06 after rising 23 cents. The gains followed Donald Trump's threat of economic sanctions aimed at countries that trade with Iran, a move that lifted expectations of tighter supply over the next few weeks.

Over the week, Brent has climbed 6.39 percent and WTI 5.66 percent, and both reached levels last seen on July 24 in the prior session. Iran described its reply to any fresh US threats as devastating, after Washington vowed the harshest financial penalties ever imposed to topple the Iranian leadership. Seven commodity ships passed through the Strait of Hormuz on Thursday, half the previous day's count, according to Kpler data.

Crispus Nyaga of Empire FX argued that the US naval blockade already limits Iranian shipments, so the immediate effect on supply may be small, though more shipping incidents or retaliation could aggravate the situation while Hormuz traffic stays far below normal. Phil Flynn of Price Futures Group said supply is coming from pipelines, shuttles, US shale and other sources, even though Hormuz is still a problem.