Aug 14, 2026
September WTI crude oil futures are trading at $81.19 late Thursday, up $4.11, or 5.33%, for the week. With Friday’s session still to come, the final weekly result remains unsettled. The message is clear. Traders spent the week rebuilding the Hormuz premium after last week’s deal optimism fell apart, then had to deal with an inventory report and demand forecasts that argued crude had moved too far, too fast.
The contract did not rally because of a new supply loss. The supply problem was already there. What changed was the market’s view of a possible agreement. Traders had priced a path toward reopening the Strait of Hormuz. The talks did not produce one. Iran kept its conditions in place. The United States raised its own demands. Tanker traffic remained far below normal.
That forced shorts to cover and brought buyers back into a market that had stripped out risk premium before the physical shipping picture improved. WTI pushed above $84.00 earlier in the week. Brent briefly moved above $90.00. The move showed how quickly crude can reprice when traders realize a diplomatic headline is not the same thing as a shipping agreement.
The rally then ran into the demand side of the trade. That is why WTI is still higher for the week but no longer trading near its high.
Hormuz Remains Restricted and the Red Sea Is Not a Clean Alternative
The Strait of Hormuz remains the central issue. Before the conflict, more than 125 vessels a day moved through the waterway.…
Oilprice.com
