Actual
85.623
Daily Change
2.22 2.67%
Monthly
6.58%
Yearly
32.48%
Q3 Forecast
84.778
Crude Oil - Summary

Crude oil rose more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated, with the US and Iran exchanging strikes for the first time in roughly a month and new concerns emerging over shipping through the Strait of Hormuz. US forces targeted Iranian rocket launchers that were reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan. Tehran also reported that a supertanker attempting to cross Hormuz’s southern route had struck two mines, although the incident has not been independently confirmed. Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict. Washington’s economic pressure campaign and naval blockade have disrupted Iranian exports, although traders estimate that around 6–8 million barrels of crude per day, mainly from other Gulf producers, continue to transit Hormuz.

Crude Oil - Stats

Crude Oil rose to 86.02 USD/Bbl on August 31, 2026, up 3.14% from the previous day. Over the past month, Crude Oil's price has risen 7.07%, and is up 33.09% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on August 31 of 2026.

Crude Oil - Forecast

Crude Oil rose to 86.02 USD/Bbl on August 31, 2026, up 3.14% from the previous day. Over the past month, Crude Oil's price has risen 7.07%, and is up 33.09% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 84.78 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 99.54 in 12 months time.



Price Day Month Year Date
Crude Oil 85.62 2.223 2.67% 6.58% 32.48% Aug/31
Brent 90.45 2.354 2.67% 7.98% 32.80% Aug/31
Natural gas 2.88 -0.0081 -0.28% 3.56% -3.44% Aug/31
Gasoline 3.05 -0.0032 -0.10% 2.71% 52.81% Aug/31
Heating Oil 4.36 0.1145 2.69% 12.54% 88.89% Aug/31
Coal 139.75 0.25 0.18% 7.33% 27.51% Aug/28
Ethanol 2.05 0.0300 1.49% 4.59% 4.99% Aug/28
Urals Oil 77.99 0.89 1.15% -8.67% 24.01% Aug/28



Related Last Previous Unit Reference
United States API Crude Oil Stock Change 4.20 -0.33 BBL/1Million Aug 2026
Saudi Arabia Crude Oil Production 7420.00 6637.00 BBL/D/1K Jul 2026
United States Crude Oil Production 13714.00 13967.00 BBL/D/1K May 2026
Russia Crude Oil Production 9826.74 9976.61 BBL/D/1K Apr 2026
United States Crude Oil Stocks Change 0.10 4.41 BBL/1Million Aug 2026
United States Weekly Crude Oil Production 13843.00 13830.00 Thousand Barrels Per Day Aug 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
86.02 83.40 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Crude Oil Rallies on Fresh US-Iran Strikes
Crude oil rose more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated, with the US and Iran exchanging strikes for the first time in roughly a month and new concerns emerging over shipping through the Strait of Hormuz. US forces targeted Iranian rocket launchers that were reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan. Tehran also reported that a supertanker attempting to cross Hormuz’s southern route had struck two mines, although the incident has not been independently confirmed. Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict. Washington’s economic pressure campaign and naval blockade have disrupted Iranian exports, although traders estimate that around 6–8 million barrels of crude per day, mainly from other Gulf producers, continue to transit Hormuz.
2026-08-31
Oil Rises as US Strikes Iranian Rocket Launchers
Crude oil climbed above $85 per barrel on Monday, starting the week higher after the US military targeted Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz, marking the first such attack in more than a month. US forces also said they are closely monitoring the waterway and remain prepared to safeguard the free flow of commerce. The US last launched missiles at Iranian targets in late July but has since shifted its focus toward squeezing the country’s economy through sanctions to push Tehran back to the negotiating table. An Iranian official said Friday that resuming diplomacy with the US “isn’t impossible” following constructive discussions with Qatar, a mediator in the conflict. Meanwhile, reports indicated that around 6 to 8 million barrels of crude are still flowing through Hormuz each day despite the absence of a peace agreement between Washington and Tehran.
2026-08-30
Crude Oil Posts Weekly Loss
Crude oil fell to $83.4 a barrel on Friday, extending weekly losses to about 4%, as traders increasingly viewed the Iran situation as an economic/sanctions confrontation rather than an imminent threat to physical supply, while improving flows through Hormuz and the proposed Iran–Oman corridor further reduced the perceived supply risk. Goldman Sachs estimated that Persian Gulf oil exports have climbed to around 15–16 million barrels per day, still significantly below pre-conflict volumes of 22–24 million barrels but well above the March low of about 5–6 million barrels. Meanwhile, Iran and Oman agreed on a revenue-sharing framework for the strait, although Tehran emphasized that this does not imply an immediate reopening. Still, the Trump administration reportedly told mediators it does not intend to revive the terms of a preliminary June agreement with Iran that subsequently collapsed.
2026-08-28