Hormuz Shipping Tensions Keep Oil Prices Hovering Near $81

Oil prices hovered near $81 per barrel on August 14 as investors remained cautious amid ongoing diplomatic efforts to restore normal shipping through the Strait of Hormuz.

The United States has stated that nearly 9 million barrels of oil per day are currently moving through the waterway, and its naval capability to escort commercial tankers is steadily increasing.

Despite this, vessels passing through the strategic route continue to face security risks, with some tankers reportedly operating with their transponders switched off.

The International Energy Agency (IEA) lowered its global oil demand forecast earlier in the week, citing the adverse impact of prolonged geopolitical tensions and higher crude prices on consumption.