Iran Tensions Send Oil Prices Soaring Amid Supply Concerns

Global oil prices rose on August 14 as tensions between Iran and the United States intensified, raising concerns about potential disruptions to global energy supplies.

The U.S. warned it could maintain a naval blockade of Iran indefinitely while increasing economic pressure, according to Reuters.

Brent crude traded near $88 a barrel, while U.S. West Texas Intermediate crude climbed above $82.

The market is focused on the Strait of Hormuz, one of the world's most important routes for oil shipments, and any disruption could quickly affect expectations for global supply and pricing.