Oil prices rise amid uncertainty over Strait of Hormuz reopening
Brent and WTI gained after a weekly drop, as investors weigh Iran-Oman talks, Houthi attacks, and attacks on UAE tankers.
Talivio News · Global2 min read
Aa
T
Talivio News (AI illüstrasyon)
Global oil prices rose amid uncertainty over talks between Iran and Oman to reopen the Strait of Hormuz and news of new attacks in the Middle East, according to market reports.
1.09% increase
Brent crude oil rose to $84.46 per barrel.
Brent crude oil rose 1.09% to $84.46 per barrel, while US West Texas Intermediate (WTI) crude oil rose 0.78% to $78.79 per barrel.
Prices had fallen by more than 7% last week on expectations of a possible agreement to reopen the Strait of Hormuz.
Iran's Foreign Ministry said negotiations with Oman on new maritime routes have reached the final stage, and that the strait can be fully reopened only if the US fulfills conditions including paying compensation for operations against Iran.
Iranian Foreign Minister Abbas Araqchi said no direct talks are being held with the US and that Washington would not sit at the negotiating table unless it complies with the terms of the temporary agreement from June.
Market analysts said investors are waiting for concrete steps such as the physical start of tanker traffic or the signing of official protocols rather than abstract diplomatic statements.
Yemen's Houthis announced they targeted Saudi Aramco's Jizan refinery over the weekend. The attack came after Saudi Arabia signed a defense agreement with Turkey and Pakistan.
ADNOC, the UAE's national oil company, said 15 of its ships using the Strait of Hormuz had been attacked since the beginning of the conflict.
Before the war, about one-fifth of global oil supply was shipped through the Strait of Hormuz.
Updates
Brent crude futures rose to $90 per barrel and WTI to $84.30, while the EIA revised its 2026 price forecasts upward—Brent to $86.81 (from $81.91) and WTI to $80.88 (from $76.26)—citing sustained disruptions in the Strait of Hormuz, where daily traffic has plunged to 6–11 vessels from 130–140 pre-conflict, and crude throughput fell to 4.9 million bpd in Q2 from 21.6 million bpd in late 2025.
Brent crude futures rose to $90 per barrel and WTI to $84.30, while the EIA upgraded its 2026 price forecasts to $86.81 for Brent (up from $81.91) and $80.88 for WTI (up from $76.26), citing persistent disruptions in the Strait of Hormuz, where traffic has collapsed to 6–11 daily vessels from 130–140 pre-conflict; the EIA also revised its global petroleum stock draw forecast to 3.8 million barrels per day in Q3, down from earlier estimates, and expects consumption to fall to 102.7 million bpd this year.
Brent crude futures rose to $90 per barrel and WTI to $84.30, while the EIA upgraded its 2026 price forecasts to $86.81 for Brent and $80.88 for WTI—up from $81.91 and $76.26 respectively—and slashed its Strait of Hormuz throughput estimate to 4.9 million bpd in Q2 from a pre-conflict 21.6 million bpd, as U.S. officials claimed full control of the strait and Iran demanded asset releases and blockade lifting as preconditions for reopening.
Brent crude futures rose to $90 per barrel and WTI to $84.30, while the EIA raised its 2026 Brent price forecast to $86.81 (from $81.91) and WTI to $80.88 (from $76.26), citing prolonged disruptions in the Strait of Hormuz, where daily oil flows have plummeted to 4.9 million barrels from a pre-conflict 21.6 million; global petroleum stocks are projected to shrink further in Q3, and U.S. Treasury yields climbed as markets priced in higher inflation risks, with money markets now assigning near-even odds to a September Fed rate hike.
Brent crude futures rose to $90 per barrel and WTI to $84.30, while the EIA upgraded its 2026 price forecasts to $86.81 for Brent and $80.88 for WTI—up from $81.91 and $76.26 respectively—and slashed its Strait of Hormuz throughput estimate to 4.9 million barrels per day in Q2 from a pre-conflict 21.6 million, as U.S. officials confirmed controlling the strait and Iran insisted reopening requires lifting sanctions and releasing frozen assets, with talks with Oman nearing completion but direct U.S.-Iran negotiations excluded until those conditions are met.
The U.S. Energy Information Administration (EIA) revised its third-quarter Brent crude price forecast upward to $85 per barrel — up $11 from its prior estimate — and now predicts Brent will average $78 in Q4 and $69 next year, as tanker traffic slowly resumes and disabled production restarts; it also raised its full-year Brent forecast to $86.81 from $81.91 and WTI to $80.88 from $76.26, while projecting global petroleum consumption will fall by 1.2 million bpd this year to 102.7 million bpd, with non-OECD demand dropping to 57.2 million bpd, and expects supply to rebound next year as output returns online.
The U.S. Energy Information Administration (EIA) revised its third-quarter Brent crude price forecast upward to $85 per barrel—up $11 from its prior estimate—and now projects Brent will average $78 in the fourth quarter and $69 next year, as tanker traffic slowly recovers; it also raised its full-year Brent forecast to $86.81 from $81.91 and WTI to $80.88 from $76.26, while predicting global petroleum consumption will fall by 1.2 million barrels per day this year to 102.7 million, with non-OECD demand dropping to 57.2 million barrels daily.
The U.S. Energy Information Administration (EIA) revised its third-quarter Brent crude price forecast upward to $85 per barrel from $74, and now predicts an average of $78 in the fourth quarter and $69 next year, while raising its full-year Brent forecast to $86.81 from $81.91 and WTI to $80.88 from $76.26; it also reported that Strait of Hormuz oil flows fell to 4.9 million barrels per day in Q2 from a pre-conflict 21.6 million, with global petroleum stocks declining by 4.2 million barrels daily in Q2 and projected to fall another 3.8 million in Q3.
The U.S. Energy Information Administration (EIA) raised its 2026 Brent crude price forecast to $86.81 per barrel from $81.91 and WTI to $80.88 from $76.26, while revising its third-quarter Brent forecast to $85 per barrel — up $11 from the prior estimate — and predicting a drop to $78 in Q4 and $69 next year as production gradually resumes; it also revised global petroleum consumption downward this year to 102.7 million barrels per day and expects a 2.2 million bpd rebound next year, with Strait of Hormuz throughput remaining at just 4.9 million bpd daily in Q2, far below the pre-conflict average of 21.6 million bpd.
