Commodities

Crude Prices Slide as More Oil Flows Through Strait of Hormuz

Guavy AI Editorial Team Published August 28, 2026

Instruments

Oil

Crude oil prices slipped today as more oil flows through the Strait of Hormuz. October WTI crude oil (CLV26) is down -0.35 (-0.42%) and October RBOB gasoline (RBV26) is up +0.0510 (+1.71%). The rally in the dollar index ($DXY) to a 1-week high put pressure on crude prices.

The Strait of Hormuz saw larger crude supplies transiting through it, which was bearish for crude. President Trump's signal that the US has no interest in returning to the terms of the deal it signed with Iran in June also cast doubt on oil flows from the Middle East returning to normal anytime soon.

Goldman Sachs reported that oil exports from the Persian Gulf have risen to 15 million to 16 million bpd, about two-thirds of pre-war levels. Venezuela is considering leaving OPEC, which could increase the chances of a price war as the remaining members compete for customers and market share.

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