Oil prices rise for the fifth consecutive day: WTI is up 11%, while Brent approaches $89
Kyiv • UNN
Oil prices are rising for the fifth consecutive day amid a lack of progress on reopening the Strait of Hormuz and an expected crude supply shortage. The IEA forecasts a deficit of 1.8 million barrels per day in the third quarter of 2026.
Oil prices continue to rise for the fifth consecutive day amid a lack of progress in reopening the Strait of Hormuz and an expected global crude shortage. Bloomberg reports, writes UNN.
Details
West Texas Intermediate futures traded below $83 per barrel after rising by approximately 11% over the previous five days. Brent finished trading near $88 per barrel on Wednesday, while on the morning of August 13 its price stood at around $88.98.
The situation in the oil market remains tense due to the lack of progress in reopening the Strait of Hormuz. US President Donald Trump said that Washington has "full control" over the waterway.
US-Iran talks have also effectively reached an impasse. Washington insists on blockading Iranian ports to increase economic pressure on Tehran, while diplomatic efforts to end the conflict have so far yielded no results.
The market expects an oil shortage
According to a forecast by the International Energy Agency, the global market may face a shortage of 1.8 million barrels per day as early as the third quarter of 2026. This is more than twice the previous forecast, and the overall deficit for the year could be the largest in five years.
Meanwhile, US crude oil inventories increased by 17.4 million barrels last week—the largest rise since January 2023. The increase occurred primarily on the Gulf Coast due to reduced exports and increased imports.
For American consumers, higher oil prices are already affecting fuel costs. According to the American Automobile Association, gasoline and diesel fuel have never cost Americans this much at the end of the year.