Oil Market Faces Conflicting Signals From Demand And Iran Tensions

Oil prices fell Thursday as investors weighed weakening global demand against continuing supply risks linked to the Middle East conflict. West Texas Intermediate crude declined 2% to $81.61 a barrel, while Brent crude fell 1.8% to $87.40.

Shipping risks have also increased following attacks in the Gulf of Oman and Red Sea. Reuters reported that an oil spill from a sanctioned tanker carrying about 800,000 barrels of Russian crude has also reached parts of Oman’s coastline.

Despite ongoing diplomatic efforts to reopen Hormuz, uncertainty remains. Market strategist Christopher Tahir of Exness warned that further setbacks could push oil prices higher if the waterway remains restricted.

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Oil prices moved lower on Thursday as a weaker global consumption outlook weighed on the market, although continued supply concerns limited losses amid a lack of progress toward reopening the Strait of Hormuz.

Brent crude futures fell 0.12% to $88.87 per barrel by 9:51 UAE time,… pic.twitter.com/iPjDOcBkCG

— Economy Middle East (@Economy_ME) August 13, 2026

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tippinsightsTIPP Staff