Crude oil prices rose 2% on Friday, as traders monitored the latest developments around the conflict in the Middle East, fearful of the risk of further escalation. United States Defense Secretary Pete Hegseth stated yesterday that the US is capable of holding a naval blockade of Iranian ports “indefinitely,” while US Treasury Secretary Scott Bessent shared earlier that Washington will announce new measures against Tehran next week. In addition, Iran insisted yesterday that no vessel could cross the Strait of Hormuz without Tehran’s permission. West Texas Intermediate (WTI) for deliveries in September jumped 2.01% to go for $82.88 per barrel at 3:15 am ET. A minute later, Brent for settlements in October rose by 1.67%, selling for $88.52 per barrel.