Brent Halts 6-Day Rally

2026-08-13 07:53 By Agna Gabriel 1 min. read

Brent crude fell below $88 a barrel on Thursday, ending a six-session rally as investors shifted their focus toward weakening demand prospects and continued disruption around the Strait of Hormuz.

The International Energy Agency lowered its global oil demand outlook, warning that the prolonged Middle East conflict and higher prices are increasingly weighing on consumption.

The agency estimates the global oil market could face a supply shortfall of 1.8 million barrels a day this quarter, more than twice its previous forecast, while supply remained 6.3 million barrels a day below year-earlier levels in July.

Meanwhile, US crude inventories surged by 17.4 million barrels last week, their largest weekly increase since January 2023.

Diplomatic efforts between the US and Iran to end the conflict and reopen Hormuz have made little progress, with attacks on shipping continuing and rhetoric intensifying.

Despite Thursday’s decline, Brent remained nearly 5% higher for the week.



News Stream
Brent Halts 6-Day Rally
Brent crude fell below $88 a barrel on Thursday, ending a six-session rally as investors shifted their focus toward weakening demand prospects and continued disruption around the Strait of Hormuz. The International Energy Agency lowered its global oil demand outlook, warning that the prolonged Middle East conflict and higher prices are increasingly weighing on consumption. The agency estimates the global oil market could face a supply shortfall of 1.8 million barrels a day this quarter, more than twice its previous forecast, while supply remained 6.3 million barrels a day below year-earlier levels in July. Meanwhile, US crude inventories surged by 17.4 million barrels last week, their largest weekly increase since January 2023. Diplomatic efforts between the US and Iran to end the conflict and reopen Hormuz have made little progress, with attacks on shipping continuing and rhetoric intensifying. Despite Thursday’s decline, Brent remained nearly 5% higher for the week.
2026-08-13
Brent Retreats After Six-Day Advance
Brent dropped below $88 per barrel on Thursday, breaking a six-day advance as investors assessed the prospects of any deal to reopen the Strait of Hormuz. President Donald Trump said the US had “total control” over the waterway amid escalating rhetoric between Washington and Tehran, with negotiations remaining deadlocked. The Trump administration is also moving toward imposing greater economic pressure on Iran as the US military campaign has so far failed to force the regime to capitulate. The measures include expanding economic sanctions and enforcing a naval blockade aimed at curbing Iranian oil exports. Meanwhile, the IEA’s monthly report indicated that the global oil market faces a shortfall of 1.8 million barrels a day this quarter as the conflict in the Middle East continues. Elsewhere, EIA data showed US crude inventories rose by 17.4 million barrels last week, marking their largest weekly increase since early 2023.
2026-08-12
Brent Crude Oil Hold Near $89
Brent crude oil remained volatile on Wednesday, fluctuating around $89 per barrel, as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, EIA data showed US crude inventories increased by 17.4 million barrels last week, marking their biggest weekly rise since early 2023.
2026-08-12