On August 8, 2026, WTI crude oil prices rose by $1.24 (+1.76%) while RBOB gasoline prices increased by $0.0754 (+2.70%). This rise followed a report of an unknown projectile hitting a cargo vessel off the coast of Oman, renewing tensions in the strategically vital Strait of Hormuz. Earlier in the day, crude prices had dropped to a four-month low as the resumption of crude supplies eased global supply concerns.
The International Energy Agency (IEA) has projected a significant decline in global oil demand, estimating a drop of 1.1 million barrels per day (bpd) this year, exceeding previous estimates of 420,000 bpd. In contrast, U.S. crude production as of June 19 remained robust at 13.819 million bpd, slightly below the record high of 13.862 million bpd. Meanwhile, U.S. crude oil inventories were reported to be 6.5% below the five-year seasonal average.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
