US Naval Blockade Threat Sends Oil Prices Steadying

Oil prices steadied on August 14 after the United States threatened an indefinite naval blockade of Iran, sparking concerns about crude supply. Brent futures rose 1 cent to $87.08 a barrel by 0247 GMT, while US West Texas Intermediate (WTI) crude futures increased 6 cents to $81.31 a barrel.

The move follows the US warning that it could maintain a naval blockade of Iran indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.

Susan Bell, senior vice president for oil commodity markets at Rystad Energy, noted that despite bearish crude stock data, the broader geopolitical backdrop is preventing a sharper price decline.