Oil rises after US threatens indefinite blockade of Iran

Oil prices gained on Friday after the United States threatened an indefinite naval blockade of Iran, reviving concerns about supply of crude after the previous session's fall on a weaker outlook for demand and a large build in U.S. stocks.

Brent futures LCOc1 rose 90 cents, or 1.03%, to $87.97 a barrel by 0653 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 91 cents to $82.16 a barrel.

The benchmarks were on track for weekly rises of about 4% after the prior session's fall of more than 2%, paring gains following Brent's six-session rally and a five-session rise for WTI.

"Despite the bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline," Susan Bell, senior vice president for oil commodity markets at Rystad Energy said in a note.

Elsewhere, Russian authorities quickly cleared up damage on Friday after a fire at the Baltic Sea port of Ust-Luga, a major hub for oil exports, was triggered by a Ukrainian drone attack, regional governor Alexander Drozdenko said.