Event details
Brent crude traded near $87 a barrel and WTI near $81 on Friday, Bloomberg reported, holding a decline after Iran and Oman failed to reach an accord reopening the Strait of Hormuz despite earlier optimism this week that a deal was close.
Context
Prices holding just below recent highs while reopening talks stall shows traders are pricing in continued disruption rather than a quick fix, sustaining elevated fuel costs even as the US Strategic Petroleum Reserve sits near multi-decade lows.
- Local time
- 11:30 AM New York time, Aug 14, 2026
- Location
- Global oil markets
- Relationship
- Update