Actual
78.022
Daily Change
2.07 2.75%
Monthly
10.76%
Yearly
22.14%
Q3 Forecast
87.137
Crude Oil - Summary

Crude oil rose above $78 per barrel on Friday, building on the previous session’s gains as renewed tensions in the Strait of Hormuz unsettled markets and cast fresh doubt over efforts to fully reopen the vital shipping route. Reports indicated that Iran struck what it described as “hostile targets” in the strait after explosions were reported near Qeshm Island. Under the proposed Iran-Oman agreement governing the waterway, Tehran seeks to prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Iran has also proposed penalties equal to 20% of a vessel’s cargo value for violations and said the strait would only be fully reopened once the US maritime blockade is lifted. The Iranian parliament is currently reviewing the draft proposal, which outlines stricter conditions for commercial shipping through the Strait of Hormuz than markets anticipated.

Crude Oil - Stats

Crude Oil rose to 78.10 USD/Bbl on August 6, 2026, up 3.83% from the previous day. Over the past month, Crude Oil's price has risen 10.88%, and is up 22.26% 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 7 of 2026.

Crude Oil - Forecast

Crude Oil rose to 78.10 USD/Bbl on August 6, 2026, up 3.83% from the previous day. Over the past month, Crude Oil's price has risen 10.88%, and is up 22.26% 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 87.14 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 100.47 in 12 months time.



Price Day Month Year Date
Crude Oil 78.02 2.070 2.75% 10.76% 22.14% Aug/06
Brent 83.28 3.040 3.83% 12.30% 25.37% Aug/06
Natural gas 2.63 -0.0586 -2.18% -19.47% -14.27% Aug/06
Gasoline 2.95 0.1102 3.88% -0.17% 42.42% Aug/06
Heating Oil 3.92 0.0858 2.26% 18.81% 73.05% Aug/06
Coal 128.80 -2.05 -1.57% 0.63% 13.23% Aug/06
Ethanol 1.94 0.0100 0.52% 1.17% 9.44% Aug/06
Urals Oil 76.24 0.98 1.30% 45.25% 17.36% Aug/05



Related Last Previous Unit Reference
United States API Crude Oil Stock Change 2.69 3.30 BBL/1Million Jul 2026
Saudi Arabia Crude Oil Production 6637.00 7010.00 BBL/D/1K Jun 2026
United States Crude Oil Production 13714.00 13967.00 BBL/D/1K May 2026
Russia Crude Oil Production 9976.61 9976.48 BBL/D/1K Mar 2026
United States Crude Oil Stocks Change 2.48 -7.17 BBL/1Million Jul 2026
United States Weekly Crude Oil Production 13804.00 13796.00 Thousand Barrels Per Day Jul 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
78.10 75.22 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Extends Gains as Hormuz Tensions Resurface
Crude oil rose above $78 per barrel on Friday, building on the previous session’s gains as renewed tensions in the Strait of Hormuz unsettled markets and cast fresh doubt over efforts to fully reopen the vital shipping route. Reports indicated that Iran struck what it described as “hostile targets” in the strait after explosions were reported near Qeshm Island. Under the proposed Iran-Oman agreement governing the waterway, Tehran seeks to prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Iran has also proposed penalties equal to 20% of a vessel’s cargo value for violations and said the strait would only be fully reopened once the US maritime blockade is lifted. The Iranian parliament is currently reviewing the draft proposal, which outlines stricter conditions for commercial shipping through the Strait of Hormuz than markets anticipated.
2026-08-06
Oil Prices Extend Gains as Iran Reviews Hormuz Transit Bill
Crude oil extended its gains, rising 3% to $77.5 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz. Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade. Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region. Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.
2026-08-06
Oil Edges Up as Markets Assess Hormuz Developments
Crude oil rose to around $77 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea. Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.
2026-08-06