‎Oil drops nearly 2% as investors study demand prospects

‎<p><img src="https://argaamplus.s3.amazonaws.com/6592a92e-04a0-4639-b87e-82a4db3903f7.png" ></p> <p class="ckeCaption" >Oil tanks</p> <hr> <p >Oil prices dropped nearly 2% today, Aug. 13, amid growing expectations of a decline in global oil demand this year, given the lack of progress in reopening the Strait of Hormuz.</p> <p ></p> <p >The Energy Information Administration data release on Aug. 12 showed that US crude oil inventories rose at their fastest weekly pace since January 2023 as exports declined.</p> <p ></p> <p >This comes after the OPEC and the International Energy Agency lowered their forecasts for global oil demand growth in 2026 in their monthly report.</p> <p ></p> <p >A senior Iranian source said on Aug. 12 that no progress had been made in talks aimed at reviving the interim agreement reached in June between Washington and Tehran, Reuters reported.</p> <p ></p> <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td colspan="4" > <p ><strong><span ><span ><span >Brent, WTI Futures Prices</span></span></span></strong></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >Crude</span></span></span></strong></p> </td> <td > <p align="center" ><strong><span ><span ><span >Price ($/bbl)</span></span></span></strong></p> </td> <td > <p align="center" ><strong><span ><span ><span >Change ($)</span></span></span></strong></p> </td> <td > <p align="center" ><strong><span ><span ><span >Change</span></span></span></strong></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >Brent (October delivery)</span></span></span></strong></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >87.33</span></span></span></span></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >(1.65)</span></span></span></span></p> </td> <td > <p align="center" ><span ><span ><span >(1.85%)</span></span></span></p> </td> </tr> <tr > <td > <p ><strong><span ><span ><span >WTI (September delivery)</span></span></span></strong></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >81.61</span></span></span></span></p> </td> <td > <p align="center" ><span dir="RTL"><span ><span ><span >(1.65)</span></span></span></span></p> </td> <td > <p align="center" ><span ><span ><span >(1.95%)</span></span></span></p> </td> </tr> </tbody> </table> <div class="ckeCaption" ><em>*At 12:00 noon Makkah time</em></div>

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Argaam - Main News · Trade Publication

Published

13th August 2026

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argaam.com

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