Commodities
Iran Tensions Send Oil Prices Soaring Amid Global Supply Concerns
Oil prices increased on August 14 due to renewed tensions involving Iran, which raised concerns about possible disruptions to global energy supplies.
The United States warned it could maintain a naval blockade of Iran indefinitely while increasing economic pressure as ceasefire negotiations remain stalled, according to Reuters.
Brent crude traded near $88 a barrel, while U.S. West Texas Intermediate crude climbed above $82, despite other pressures on the market including softer oil demand forecasts and a sizable increase in U.S. crude inventories.