Crude Oil Prices Edge Lower Today After Strong Week as Iran Jitters Persist | August 17, 2026

Crude oil prices edged lower in Asian trade on Monday, August 17, 2026, after posting strong gains last week, as persistent uncertainty over US-Iran relations and disruptions around the Strait of Hormuz continued to support prices, as per news reports. 

Brent crude futures fell 0.16% to US$88.42 a barrel by 21:04 ET (01:04 GMT), while West Texas Intermediate crude futures declined 0.2% to US$81.31 a barrel. Brent crude had gained more than 5% last week as hostilities between the US and Iran intensified. 

Strait of Hormuz Disruptions Keep Oil Markets on Edge 

Iranian attacks on energy infrastructure in West Asia and tankers in the region have slowed shipping through the Strait of Hormuz, a critical route for global energy supplies. The US has also maintained its naval blockade against Tehran, adding to concerns over potential disruptions to crude shipments. 

Shipping activity through the strait slowed further over the weekend. Kpler data showed that only five commodity vessels transited the waterway on Saturday, while no vessels were registered on Sunday. This was compared with 31 transits during the previous weekend. 

Red Sea Tensions Add to Supply Concerns 

The conflict has also spread to the Red Sea, where Yemen’s Iran-backed Houthis continued attacks on vessels in the Bab al-Mandab strait. The renewed attacks have raised concerns that disruptions across key shipping routes could further affect oil supplies from West Asia. 

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Lower Demand Forecasts Limit Further Gains 

Despite supply concerns, expectations of weaker global oil demand are limiting the upside in crude prices. The Organization of the Petroleum Exporting Countries and the International Energy Agency both reduced their 2026 demand growth forecasts last week. 

Iranian Foreign Minister Abbas Araqchi said over the weekend that Tehran had not decided whether to resume talks with the US. Meanwhile, US President Donald Trump urged Americans to accept slightly higher petrol prices while the conflict continues. 

Conclusion 

Crude oil prices remain supported by geopolitical risks, disrupted shipping and concerns over tightening supplies. However, weaker demand expectations could cap further gains. Markets are likely to remain volatile as traders monitor developments around Iran, the Strait of Hormuz and the broader West Asian conflict. 

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