Iran-US Deadlock Pushes Oil Toward a Near 4% Weekly Gain

Crude oil prices steadied on Friday, August 14, 2026, with both major global benchmarks on track for a weekly gain of nearly 4 percent after the United States said it could keep its naval blockade of Iran in place indefinitely. Brent crude rose 0.16 percent to $87.2 a barrel while US West Texas Intermediate gained the same to $81.4 a barrel. Both benchmarks remain on course for the roughly 4 percent weekly advance despite falling more than 2 percent in the prior session.

The Strait of Hormuz, which carried about 20 percent of global oil flows before the war, remains the market's central concern. On Thursday, August 13, two tankers operated by Abu Dhabi National Oil Company (ADNOC) were attacked while transiting the strait, an incident the UAE's state news agency WAM said its government condemned as an Iranian attack. Offsetting the geopolitical risk premium, a larger than expected build in US crude inventories and weaker 2026 demand forecasts from OPEC and the IEA have added downward pressure on prices.