Brent at $89.61 a Barrel Amid Strait of Hormuz Disruptions

Brent futures for October delivery traded at $89.61 a barrel on August 12, 2026, about 24% above pre-war levels.

The US commercial crude inventory rose by 2.5 million barrels to 407.0 million in the week ending July 31, 2026, while domestic production stood at 13,804 thousand barrels per day.

Diesel accounts for about 34% of US mining energy use and 87% of materials-handling energy use, making mine operating costs sensitive to diesel prices.

The Strait of Hormuz carried about one-fifth of global oil supplies before the war, making shipping disruptions a direct risk to global supply.