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Oil falls for fourth day in a row, price down over 7% this week

Politiko 2026-08-27 09:29:11

Oil falls for fourth day in a row, price down over 7% this week

Oil prices continued to fall for a fourth consecutive day as markets weighed the possibility of increased energy flows through the Strait of Hormuz, at a time when the escalation of the Russia-Ukraine war is threatening Russian production and exports.

Brent crude fell 0.46% to trade at around $87.46 a barrel, posting a loss of more than 7% for the week. U.S. WTI crude also fell 0.46% to trade near $81.80 a barrel.

Prices initially rose on Wednesday after reports that Russian President Vladimir Putin could escalate the war in Ukraine.

 However, gains were reversed after the announcement of an agreement between Iran and Oman regarding the Strait of Hormuz, which also includes a revenue-sharing agreement.

The market has been under pressure all week as expectations of a deal between Iran and Oman have increased. Meanwhile, economic measures announced by the US against Tehran and its trading partners turned out to be less harsh than the market had anticipated.

Despite the decline in recent days, crude oil prices remain over 40% higher compared to the beginning of the year, as the six-month conflict has significantly limited energy supplies from the Persian Gulf.

MST Marquee energy analyst Sol Kavonic said the market has begun to price in the possibility of a new ceasefire.

 The talks between Oman and Iran are potentially seen as a step towards a broader agreement between Tehran and Washington.

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