Oil Prices Rise as US Prepares New Economic Pressure on Iran
Oil prices have rebounded after the United States threatened to implement new economic measures against Iran. This pressure aims to compel Tehran to reopen the Strait of Hormuz, a vital artery for global energy trade.
In Friday's trading (August 14), Brent crude approached US$88 per barrel following a 2.2% drop in the previous session, while West Texas Intermediate (WTI) hovered around US$82 per barrel. US Treasury Secretary Scott Bessent stated that Washington would exert significant economic pressure on Iran while maintaining a naval blockade of Iranian ports.
Oil prices remain on track for a weekly gain and have risen more than 40% year-to-date as the war that began in late February drags on. The International Energy Agency (IEA) also forecasts a deepening supply deficit this quarter, with the 2026 deficit projected to be the widest in five years.
Iran remains in talks with Oman regarding the reopening of the Strait of Hormuz, but no agreement has been reached despite earlier optimism. Tensions have escalated as the stances of both Washington and Tehran have hardened, with President Donald Trump issuing new, broader demands.
Regarding market impact, oil prices are likely to remain volatile until there is certainty regarding the reopening of the Strait of Hormuz and an end to attacks on vessels. Brent is expected to trade within the US$80–US$90 per barrel range pending major new developments. Should US pressure cause Iran to soften its stance, oil prices could see a correction; however, if the conflict widens or Gulf supplies face further disruption, risk premiums could drive Brent and WTI prices higher. (asd)*
Source: Newsmaker.id
