US vows more pressure on Iran and says blockade can continue indefinitely
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The United States says it can maintain its naval blockade of Iran indefinitely and plans to intensify financial pressure on Tehran as ceasefire negotiations remain stalled, global oil supplies decline and tensions rise across the Middle East.
Key facts
The International Energy Agency forecast on Wednesday that global oil supply would fall by 4.3 million barrels per day in 2026, equivalent to about 4%.
US Defence Secretary Pete Hegseth said the military had sufficient capacity to maintain its naval presence in the region by rotating vessels in and out as required
Oil prices nevertheless settled more than 2% lower on Thursday after rising during the previous week
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Summary
US Defence Secretary Pete Hegseth said the military had sufficient capacity to maintain its naval presence in the region by rotating vessels in and out as required. The blockade has severely damaged Iran’s economy by restricting maritime trade and oil exports, one of the country’s main sources of foreign currency.
Speaking during a visit to Panama on Thursday (August 13), Hegseth indicated that the US Navy could sustain the operation for as long as the administration considered necessary.