Iran Tensions Send Oil Prices Soaring Amid Global Supply Worries

Oil prices rose on August 14 as tensions involving Iran increased concerns about potential disruptions to global energy supplies.

The United States warned it could maintain a naval blockade of Iran indefinitely while increasing economic pressure, according to Reuters. This move has raised fears of supply chain disruptions at the Strait of Hormuz, one of the world's most important oil shipment routes.

Brent crude traded near $88 a barrel, and U.S. West Texas Intermediate crude climbed above $82, despite other pressures on the market, including softer oil demand forecasts and a significant increase in U.S. crude inventories.