Oil Prices Hold Steady as Hormuz Traffic Nearly Stops
Publication context: First published 17 August 2026. This archived report describes information available at the time; check newer sources for current figures and developments. Illustrative AI-generated image; not documentary photography. Representative image — tanker traffic through the Strait of Hormuz has slowed sharply. Quick summary: Crude oil prices stayed roughly flat on Monday, August 17, 2026, as a near-total collapse in tanker traffic through the Strait of Hormuz was offset by downgraded global demand forecasts, with Brent near $88.50 and WTI near $82.12 per barrel. Global oil markets found an uneasy balance on Monday. Brent crude, the international benchmark, traded around $88.50 per barrel, while U.S. West Texas Intermediate sat near $82.12, both holding onto the roughly 5% gains they had picked up the previous week. On the surface, prices look calm. Underneath, two powerful forces are pulling in opposite directions. On one side is a near-shutdown of tanker move...
