empty
 
 

2026.08.1223:25:44UTC+00Oil Slips After Five-Day Advance

Crude oil fell below $83 per barrel on Thursday, breaking a five-day rally as investors weighed the likelihood of any agreement to reopen the Strait of Hormuz. President Donald Trump asserted that the US had “total control” over the strategic waterway amid escalating tensions between Washington and Tehran, while negotiations remain stalled. The Trump administration is also moving to ratchet up economic pressure on Iran after the US military campaign has so far failed to force the regime to yield. Planned measures include tightening economic sanctions and enforcing a naval blockade aimed at further restricting Iranian oil exports.

At the same time, the IEA’s monthly report signaled that the global oil market is heading for a supply shortfall of 1.8 million barrels per day this quarter as the conflict in the Middle East persists. Separately, EIA data showed that US crude inventories jumped by 17.4 million barrels last week, the largest weekly increase since early 2023.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback