Oil set for weekly gains after US threatens indefinite blockade of Iran

Aug 14 : Oil prices rose on Friday and were on track for weekly gains after the United States threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.Brent futures were up 12 cents, or 0.14 per cent, to $87.19 a barrel at 1047 GMT, while U.S. West Texas Intermediate crude futures were up 50 cents, or 0.62 per cent, to $81.75 a barrel.Brent and WTI were set for weekly gains of about 4.3 per cent and 4.6 per cent, respectively.Higher oil prices are a natural result of the latest approach by the U.S., which implies little hope of a near-term resolution in the Middle East, Bjarne Schieldrop at SEB Research said. On Thursday, the U.S. said it could maintain a naval blockade of Iran indefinitely and increase economic pressure on