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The Economic Times
The Economic Times
Business
Veer Sharma

Oil Price Today (August 13): Crude oil dips below $90 despite Strait of Hormuz deadlock. Here’s why

Oil United States Hormuz International Energy Agency Iran Goldman Sachs Petroleum

Oil prices fell by more than $1 on Thursday after major forecasters lowered their projections for global oil demand in 2026, citing disruptions caused by the U.S.-Israeli war on Iran. However, supply concerns arising from the conflict continued to provide some support to prices.

Brent futures were down $1.29, or 1.5%, at $87.69 a barrel. U.S. West Texas Intermediate (WTI) crude fell $1.20, or 1.2%, to $82.

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