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Commodities

US Threatens Indefinite Naval Blockade of Iran, Oil Prices Steady

Guavy AI Editorial Team
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Oil
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Oil prices steadied on August 14 after the United States threatened an indefinite naval blockade of Iran, reviving concerns about supply.

The US warned that it could maintain a blockade indefinitely and ramp up economic pressure on Tehran as ceasefire talks have stalled.

Brent futures rose 1 cent to $87.08 a barrel by 0247 GMT, while US West Texas Intermediate (WTI) crude futures rose 6 cents to $81.31 a barrel.

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

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