Oil prices have continued their upward trajectory, marking an extended rally as reports emerged that the US president has instructed his aides to prepare for an extended blockade of Iranian ports. The Wall Street Journal, citing US officials, reported late on Tuesday that Trump has opted to continue to squeeze Iran’s economy and oil exports by preventing shipping to and from its ports. Brent crude futures for June delivery increased by 52 cents, or 0.47 percent, reaching $111.78 a barrel by 01:54 GMT. This marks the eighth consecutive day of gains for the benchmark. With the June contract set to expire this Thursday, the more heavily traded July contract stood at $104.84, up 0.4 percent.
