Oil Heads for a 4 Percent Weekly Gain: Brent Above $87 a Barrel

According to Oilprice.com, in a report published Friday, August 14, 2026 (23 Mordad 1405), global oil prices are on track for a weekly gain of nearly 4 percent, as the United States and Iran show no sign of moving closer to a peace deal since the war began. At the time of the report, Brent crude was trading at $87.12 a barrel and West Texas Intermediate at $81.36, with both benchmarks lifted by tanker traffic through the Strait of Hormuz remaining a fraction of pre war levels and the US threat to keep its naval blockade of Iran in place indefinitely.

Rystad Energy senior vice president for oil Susan Bell, quoted by Reuters, said this week's bearish crude inventory data has not been enough to trigger a sharper price decline given the dominant geopolitical backdrop. ING analysts noted in a Thursday update that US commercial crude inventories rose by more than 17.4 million barrels last week, exerting temporary downward pressure. The International Energy Agency this week forecast a supply deficit of 1.8 million barrels a day for the current quarter, while OPEC on Wednesday cut its 2026 demand growth outlook to 580,000 barrels a day from 780,000.