Hormuz Talks Collapse Sends Oil Prices Soaring to $91.52

The collapse of Hormuz talks has pushed oil prices upward, with Brent crude reaching $91.52 and WTI hitting $84.92.

The price increase is significant, but it's still below the peak of $128 reached in April. The market has adapted to the disruptions by finding alternative routes for oil exports.

The IEA estimates that global oil supply rose 2.4 million barrels per day in July, but remained 6.3 million below year-ago levels, with 8.3 million barrels per day of Gulf output still shut in.

Despite the supply disruption, demand destruction has been a major factor in keeping prices from skyrocketing. The IEA now forecasts world oil demand to decline by 1.6 million barrels per day in 2026.