Commodities
Trump's Blockade Threat Sends Oil Prices Lower Despite Rising Tensions
Oil prices edged lower for a second session on August 14 despite US President Donald Trump's threat to keep a naval blockade of Iran in place indefinitely. The move came as oil prices fell on a weaker outlook for global demand.
Brent crude futures dropped by 30 cents, or 0.34%, to $86.77 a barrel, while US West Texas Intermediate (WTI) crude futures gained 34 cents or 0.42% to $80.92 a barrel.
The US threatened to keep its naval blockade of Iran in place indefinitely and would step up economic pressure on Tehran as ceasefire negotiations remained stalled.
US Treasury Secretary Scott Bessent said the US would apply measures like have never been seen in the history of economic isolation on a country.