August WTI crude oil closed down $2.69 (3.74%) on Friday, hitting a new four-month low, while August RBOB gasoline fell $0.0765 (2.64%). This drop follows an increase in oil tanker traffic through the Strait of Hormuz, which has reportedly bolstered global oil supplies. Crude exports from the Persian Gulf have surged to 75% of pre-war levels, with 13 million barrels exported over three days.
The International Energy Agency projects a significant decline in global oil consumption, estimating a reduction of 1.1 million barrels per day (bpd) this year—up from an earlier estimate of 420,000 bpd. Meanwhile, Goldman Sachs has revised its Brent crude price forecast for Q4 to $80 per barrel, down from $90. US crude production increased to 13.819 million bpd, slightly below the record high of 13.862 million bpd. Additionally, active US oil rigs rose by 7 to 440, reaching a one-year high.
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