WTI Crude Oil Price Jumps Amid Strait of Hormuz Concerns

The price of WTI crude oil has risen to around $84.50 per barrel, up roughly 4% from last week's low near $81.30, despite a significant increase in US commercial crude stocks.

According to the latest data, US commercial crude stocks rose by 17.4 million barrels in the week ending August 7th, the largest weekly build since January 2023, against a consensus expecting a 1.4 million barrel draw.

The market's resilience to this news can be attributed to supply risk around the Strait of Hormuz overriding conventional fundamentals.

The IEA forecasts global demand to fall by 1.6 million barrels per day in 2026, while the EIA has raised its 2026 WTI average forecast to $80.88 a barrel, assuming Hormuz constraints persist through August.