Oil Holds Firm on Middle East Uncertainty

2026-08-19 23:21 By Jam Kaimo Samonte 1 min. read

Crude oil held above $84 per barrel on Thursday after gaining more than 3% so far this week, supported by heightened uncertainty in the Middle East as the US and Iran remain at an impasse.

The two sides are also embroiled in a confrontation over the Strait of Hormuz, although President Donald Trump said oil continues to flow through the waterway while adding that he would be open to resuming talks with Tehran “at some point.” Meanwhile, the UAE announced a suspension of financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, adding to economic pressure on the Islamic Republic.

Despite the elevated risks, Gulf producers have continued transporting significant volumes of crude through alternative routes and discreet shipments.

In the US, EIA data showed crude inventories increased by 4.4 million barrels last week, while distillate stocks declined by 1.5 million barrels to their lowest level in more than a month.



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Oil Holds Firm on Middle East Uncertainty
Crude oil held above $84 per barrel on Thursday after gaining more than 3% so far this week, supported by heightened uncertainty in the Middle East as the US and Iran remain at an impasse. The two sides are also embroiled in a confrontation over the Strait of Hormuz, although President Donald Trump said oil continues to flow through the waterway while adding that he would be open to resuming talks with Tehran “at some point.” Meanwhile, the UAE announced a suspension of financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, adding to economic pressure on the Islamic Republic. Despite the elevated risks, Gulf producers have continued transporting significant volumes of crude through alternative routes and discreet shipments. In the US, EIA data showed crude inventories increased by 4.4 million barrels last week, while distillate stocks declined by 1.5 million barrels to their lowest level in more than a month.
2026-08-19
Crude Oil Rises for 4th Session
Crude oil rose above $86 a barrel on Wednesday as renewed tensions in the Middle East increased concerns about further disruptions to energy supplies. The UAE announced a suspension of financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, while President Donald Trump said there were no ongoing talks aimed at ending the conflict. Also, three China-linked supertankers turned back while transiting the waterway and a vessel was reportedly struck by a projectile near the strait. Despite the heightened risks, Gulf producers have continued moving significant volumes of crude through alternative routes and discreet shipments. US refinery activity provided additional support, with processing rates reaching their highest level since September 2019. Still, US crude inventories increased by 4.4 million barrels last week, although distillate stocks fell by 1.5 million barrels to their lowest level in more than a month.
2026-08-19
Crude Oil Rises for 4th Session
Crude oil rose toward $86 per barrel on Wednesday, extending gains for a fourth consecutive session as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz, keeping supply concerns elevated. President Donald Trump said there were no ongoing negotiations with Tehran while confirming that the US naval blockade remains in effect. Shipping risks in Hormuz also remain despite Trump’s claim that the waterway is open and mines have been cleared, with limited traffic still passing through the strategic route. Iranian forces have intensified hostilities over the past week, while eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month. In the US, industry data showed crude inventories fell by 328,000 barrels last week, following a 9.07 million-barrel increase in the previous week.
2026-08-19