13.08.202623:28:07UTC+00Oil Holds Decline Amid Hormuz Stalemate

Crude oil hovered near $81 per barrel on Friday after falling in the previous session, as investors shifted to a wait-and-see stance while tracking diplomatic efforts to reopen the Strait of Hormuz. Despite the ongoing standoff, oil continues to move out of the Persian Gulf, with some tankers reportedly sailing with their transponders turned off, and vessels passing through Hormuz still facing persistent risks. The US estimates that up to 9 million barrels of oil per day are currently transiting the waterway, while the capacity of US forces to escort tankers is steadily increasing. On the demand side, the IEA lowered its global oil demand forecast this week, cautioning that prolonged conflict and high prices are increasingly curbing consumption. OPEC also reduced its forecast for global oil demand growth in 2026 to 580,000 barrels per day, its fourth consecutive downward revision.