WTI news for August 28, 2026

WTI crude is being supported by renewed geopolitical risk in the Middle East, as Trump rules out reviving Iran ceasefire terms and a tanker is hit in the Strait of Hormuz. The 95% drop in Hormuz traffic and the US blockade underscore supply disruption concerns, with crude settling at $83.53 as Iran deal hopes fade.

Updated 21:06 UTC

How the day unfolded

1. 00:05 UTC

   WTI crude is being driven by mixed signals from the Strait of Hormuz, where oil flows are reportedly rising even as Iran insists the strait remains closed and shipping risks stay high, with Tehran setting conditions for reopening. At the same time, U.S. crude stockpiles were nearly flat while gasoline inventories fell, and the Russia-Ukraine war continues to provide a floor under oil prices.

2. 18:06 UTC

   WTI crude oil rose, settling at $83.53, after snapping a losing streak as geopolitical tensions in the Middle East escalated. The US maintained a blockade of the Strait of Hormuz and ruled out reviving Iran ceasefire terms, while a tanker was hit in the strait and traffic there has dropped by 95%. These supply concerns are driving the price action.

Headlines (15)

• Middle East live: Iran says Hormuz strait still closed despite transit corridor talks with Oman
  www.france24.com · Aug 26, 06:06 UTC
• U.S. Crude Stocks Barely Budge as Gasoline Inventories Fall
  oilprice.com · Aug 26, 14:40 UTC
• Why Hormuz remains high risk for ships despite US claims of mine-clearing
  www.aljazeera.com · Aug 26, 17:19 UTC
• Oil catch up: Russia-Ukraine war keeps a floor under oil despite Hormuz optimism
  investinglive.com · Aug 26, 20:20 UTC
• How a 95 percent drop in Hormuz traffic changed global shipping
  www.aljazeera.com · Aug 27, 09:46 UTC
• Tanker Hit in Strait of Hormuz as Trump Declares ‘Mission Accomplished’ in Iran
  gcaptain.com · Aug 27, 17:41 UTC
• Brent, WTI Crude Prices, Aug. 27, 2026
  www.energyintel.com · Aug 27, 17:58 UTC
• Crude oil oil futures settles at $83.53
  investinglive.com · Aug 27, 18:55 UTC
• Hormuz Oil Flows Rising as Gulf Giants’ Ramp Up Accelerates
  gcaptain.com · Aug 27, 19:42 UTC
• Oil catch up post: Snaps losing streak as Trump rules out reviving Iran ceasefire terms
  investinglive.com · Aug 27, 20:56 UTC
• Iran sets conditions for reopening Strait of Hormuz, top security official Rezaei says
  www.investing.com · Aug 27, 21:06 UTC
• Oil Rises as Iran Deal Hopes Fade
  www.rigzone.com · Aug 27, 21:07 UTC
• Mideast War: Crude, Products and Gas Price Impacts, Aug. 27, 2026
  www.energyintel.com · Aug 27, 21:13 UTC
• Trump says Iran is 'in deep trouble' as US maintains blockade of Strait of Hormuz
  www.jpost.com · 01:00 UTC
• After 6 months of war, Iran's battered regime remains entrenched
  www.npr.org · 19:42 UTC

Scheduled events

As of 21:06 UTC

• 2026-08-28 — GDP m/m · forecast 0.2% · CAD
• 2026-08-31 — Non-Manufacturing PMI · forecast 49.5 · CNY
• 2026-08-31 — Manufacturing PMI · forecast 49.5 · CNY
• 2026-09-01 — RatingDog Manufacturing PMI · forecast 51.5 · CNY
• 2026-09-01 — Manufacturing PMI · CAD
• 2026-09-02 — BOC Rate Statement · CAD
• 2026-09-02 — Overnight Rate · forecast 2.25% · CAD
• 2026-09-02 — BOC Press Conference · CAD