Hormuz Attacks Push Oil Toward $100 Despite US Crude Build
Brent heads toward a 5% weekly gain as stalled US-Iran talks and Hormuz attacks push oil prices toward $100. Friday, August 14, 2026 Crude oil prices are set to post a 5% weekly gain after this week quashed hopes (for the umpteenth time) of a negotiated US-Iran settlement, with Tehran ratcheting up its strikes on ships attempting to transit the Strait of Hormuz, whilst the White House doubled…
Oil prices climbed closer to the $100 per barrel threshold as tensions escalated between the United States and Iran, with attacks on ships attempting to transit the Strait of Hormuz. A 5% weekly increase in crude oil prices was projected, following the failure of US-Iran negotiations, despite a 17-million-barrel build in US crude inventories.
OPEC reduced its oil-demand forecast for 2026 to 580,000 barrels per day, a significant drop from the International Energy Agency's prediction of a 1.6 million barrel decline. Iran claimed control over the strategic waterway, challenging President Trump's assertion of total control. Meanwhile, Russia's fuel exports dropped by a third month-over-month, and a Ukrainian drone strike shut down Russia's Orsk refinery for six months, causing local rationing.
In response, Qatar extended its force majeure to India due to missed LNG deliveries. Nigeria introduced tax incentives for deepwater projects, aiming to attract $50 billion of offshore investment and increase output to 3 million barrels per day.
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