Commodities
Home›Commodities›Energy›Hormuz attacks and stalled US-Iran talks lift oil towa…
Hormuz attacks and stalled US-Iran talks lift oil toward $100
A 17-million-barrel build in US crude inventories partly offsets the gains as Brent eyes the $100 level amid ongoing Strait of Hormuz disruptions.
Oil prices moved higher as stalled US-Iran talks and attacks tied to the Strait of Hormuz supported crude toward the $100 per barrel mark, with Brent on track for a roughly 5% weekly gain.
According to OilPrice, unusually high US crude inventories, reflected in a 17-million-barrel build, helped cushion the rally, but the outlook remains bullish if attacks continue into the second half of August, keeping pressure on supply through the chokepoint.
OilPrice also pointed to OPEC cutting its outlook for 2026 global oil demand growth to 580,000 barrels per day, contrasting with the International Energy Agency’s expectation for demand to decline by 1.6 million barrels per day.
The IEA, per OilPrice, said global supply would fall by 4.3 million barrels per day in 2026, deepening a projected supply deficit and noting that record fuel prices have coincided with about 1.6 million barrels per day of demand destruction.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%