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WTI news for August 29, 2026

WTI crude is being supported by heightened geopolitical risk in the Middle East, as Iran and the US both assert control over the Strait of Hormuz, a key oil transit chokepoint, and Iran threatens to restrict flows. Tensions are also rising over Venezuela, where the US claims control over oil reserves and Venezuela is considering leaving OPEC. These supply concerns are outweighing fading hopes for an Iran deal, contributing to upward pressure on oil prices amid broader war-related impacts on crude and products.

How the day unfolded

  1. WTI crude rose as hopes for a revived Iran ceasefire deal faded, with President Trump ruling out reviving those terms. Tensions in the Strait of Hormuz remain elevated after a tanker was hit and the U.S. maintains a blockade, contributing to a sharp drop in Hormuz traffic. These geopolitical supply risks are currently driving the market.

  2. WTI crude is reacting to heightened geopolitical tensions around the Strait of Hormuz, where a tanker was hit and both the US and Iran's IRGC assert control. Oil snapped a multi-day losing streak after Trump ruled out reviving an Iran ceasefire, and his announcement on US control over Venezuelan reserves adds to supply-side concerns. The combination of these factors keeps the market focused on potential disruptions to crude flows.

  3. WTI crude oil prices rose, snapping a losing streak, as hopes for a revival of the Iran nuclear deal faded following President Trump's remarks ruling out the previous ceasefire terms. The market remains focused on supply risks from the Strait of Hormuz, where the IRGC Navy claims full control and the US maintains a blockade, alongside Trump's assertion of control over Venezuelan oil reserves. Settlement at $83.53 reflects these geopolitical tensions underpinning the commodity.

  4. WTI crude rose, settling at $83.53, as hopes for a revival of the Iran ceasefire deal faded and the US maintained its blockade of the Strait of Hormuz, with the IRGC claiming full control over the strategic waterway. President Trump's statement on US control over Venezuelan oil reserves also added to supply-side considerations. The market is reacting to heightened geopolitical risk in key oil shipping lanes.

  5. WTI crude rose as geopolitical tensions in the Middle East intensified, with Iran's IRGC Navy claiming full control over the Strait of Hormuz and the US maintaining a blockade. Hopes for a revived Iran ceasefire deal faded after President Trump ruled out restoring previous terms, adding to supply concerns. Additionally, Trump's assertion of US control over Venezuelan oil reserves introduces another supply-side factor for crude markets.

  6. WTI crude futures settled at $83.53 on Aug. 27, snapping a losing streak as market expectations for a revived Iran ceasefire deal faded, with headlines noting the U.S. maintains a blockade of the Strait of Hormuz and Iran's IRGC claiming full control over the waterway. Additionally, President Trump's remarks about U.S. control over 65 billion barrels of Venezuelan oil reserves added to supply-side geopolitical attention, underpinning price support.

  7. WTI crude prices rose as hopes for a revival of the Iran nuclear deal faded, while Iran's IRGC claimed full control over the Strait of Hormuz and political statements from both sides escalated. The market is focused on potential supply disruptions through the key waterway, and U.S. remarks on Venezuelan oil reserves added to supply-side attention. Futures settled at $83.53, reflecting these geopolitical pressures.

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As of 21:06 UTC

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Not investment advice. For informational purposes only.