Crude Oil
1 WTI = $87.16
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Russia prolonged its diesel export restrictions as Ukraine intensified strikes on energy infrastructure, adding to European supply concerns. This occurs alongside the dominant Middle East tensions influencing global oil benchmarks.

Ongoing US-Iran war and threats to the Strait of Hormuz have pushed oil markets to price in prolonged disruptions, with gasoline prices rising sharply as of August 22-23, 2026.

Brent crude settled up $2.35 at $90.87/bbl and WTI up $2.10 at $84.50/bbl on August 17, 2026, driven by stalled U.S.-Iran peace talks, threats of indefinite blockade, and tanker incidents in the Strait of Hormuz.

Brent crude fell nearly 2% to $87.44 a barrel and WTI dropped 1.9% to $81.66 on August 13 as IEA and OPEC cut demand projections while US crude stocks rose sharply. Geopolitical support from the blocked Strait of Hormuz prevented steeper losses.

Iran-backed Houthis attacked a cargo ship in the Bab el-Mandeb strait killing four crew and two rescuers; US struck a container ship; Saudi Red Sea oil exports halted due to threats.

Drone strikes in the Black Sea reduced July oil loadings via the Caspian Pipeline Consortium by a fifth, affecting exports from Kazakhstan and Western majors amid Russia-Ukraine spillover.

President Trump indicated Iran talks would begin Monday without a set deadline, amid reports of Iran pushing restrictions on Hormuz access, keeping oil elevated and equities cautious into the weekend.

Oil prices showed mixed movements on August 5-6, 2026, as traders priced in potential U.S.-Iran agreements to partially reopen the Strait of Hormuz, a key chokepoint for global oil flows. Brent settled near $79.45 while WTI fell to around $75.