09:23 - 14.08.2026

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August 14, Fineko/abc.az. Oil prices edged higher on Friday as U.S. warnings of an indefinite naval blockade against Iran renewed supply disruption concerns, putting crude on track for a weekly gain of nearly 4%.

Despite dropping over 2% in the previous session, both benchmark contracts are set to close the week approximately 4% higher.

Market Prices:

• Brent crude: rose 0.1% to $87.08 per barrel;

• WTI crude: advanced to $81,31 per barrel.

U.S. Treasury Secretary Scott Bessent stated that following the stall in ceasefire talks, Washington could escalate economic pressure on Iran with "unprecedented" measures. This comes as Iran restricts maritime traffic through the Strait of Hormuz, a choke point that handled nearly 20% of global oil supply prior to the conflict. Risk premiums were further stoke on Thursday after two UAE tankers were attacked while transiting the strait.

However, price gains remain capped as OPEC and the IEA scaled back global demand growth forecasts, coupled with the largest weekly build in U.S. crude inventories in over three and a half years.