Oil tops $116 as US prepares for long Iran standoff

Brent crude oil rose above $116 per barrel on Friday, reaching its highest level since March, as investors weighed the prospect of a prolonged US-Iran confrontation and new threats to Middle East energy infrastructure. The rally followed US Ambassador Mike Waltz telling the Financial Times that Washington is prepared for a conflict potentially lasting another year, with the US able to maintain its blockade of Iranian ports indefinitely. Escalating Houthi-Saudi clashes, an oil spill off the UAE coast, and a Libyan pipeline shutdown added to supply concerns. Brent gained 2.8% to $116.32, while WTI traded above $101. Analysts warned that renewed escalation could trigger further disruptions, with oil prices likely to remain sensitive to developments around regional infrastructure and shipping lanes.