Oil Price Today (August 13): Crude oil dips below $90 despite Strait of Hormuz deadlock. Here’s why
- Posted on August 13, 2026
- By Business News Today
- 1 Views
- 1 min read
In brief
Global crude oil markets face mounting headwinds as major energy agencies revise demand forecasts downward. OPEC slashed its 2026 growth projection to 580,000 barrels daily, while the IEA intensified concerns by predicting a 1.6 million bpd consumption contraction this year. Despite geopolitical tensions at the Strait of Hormuz threatening supply stability, oil prices struggle to maintain momentum above the $90 threshold, reflecting weak demand fundamentals overshadowing supply-side risks.
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Oil Price Today (August 13): Crude oil dips below $90 despite Strait of Hormuz deadlock. Here’s why
The Organisation of Petroleum Exporting Countries cut its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly oil market report released on Wednesday. The International Energy Agency also lowered its outlook on Wednesday, saying it now expects oil consumption to contract by 1.6 million barrels per day this year, compared with its previous forecast of a 1 million bpd decline.
