US Threats Limit Iran Blockade Price Risk Amid Crude Inventory Build
Oil prices rose after the US threatened an indefinite naval blockade of Iran, but a significant build in commercial crude inventories limited further upside. Brent futures increased by 1.03% to $87.97 a barrel and West Texas Intermediate (WTI) gained $0.91 to $82.16 on August 14, 2026.
The 17.4 million-barrel increase in US commercial crude inventories to 424.4 million is the largest weekly rise in more than three and a half years. This boost in supply cushion reduces the risk of price spikes due to blockade-related disruptions.
US crude imports rose by 1.14 million barrels per day, while exports fell by 627,000 barrels per day. Domestic production increased by 478,000 barrels per day year over year to 13.805 million. Refineries processed 17.179 million barrels per day at a 96.2% capacity rate.
The Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) have reduced their oil demand growth forecasts, but the blockade risk keeps oil prices on track for weekly gains near 4%. Susan Bell, Senior Vice President of Rystad Energy's, notes that geopolitical risk has prevented a sharper decline in oil prices.