Oil rises on reports US will extend Iran blockade, prolonging Mideast supply disruptions

Oil prices rose on ‌Wednesday, extending a multi-day rally, on reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. US President Donald Trump has instructed aides to prepare for an ​extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing US officials. Trump will ​opt to continue to squeeze Iran’s economy and oil exports by preventing ⁠shipping to and from its ports, the report said. Brent crude futures for June rose 52 cents, ​or 0.47%, to $111.78 a barrel at 0154 GMT, climbing for an eighth day. The June contract ​expires on Thursday and the more active July contract was at $104.84, up 0.4%. US West Texas Intermediate (WTI) futures for June rose 57 cents, or 0.57%, to $100.50 a barrel after gaining 3.7% in the previous session, climbing for seven out ​of the last eight days.