Oil nears $120 a barrel on fears US will extend blockade of Iran

Oil prices rose on Wednesday on signals that a US blockade on Iranian ports could go on for an extended period, prolonging an unprecedented supply shock that has roiled energy markets. Brent rose above $117 a barrel, while West Texas Intermediate traded around $105 a barrel. US President Donald Trump has told his aides to prepare for an extended blockade and that it carries less of a risk for the US than resuming hostilities or walking away from the conflict without a deal that curbs Iran's...