09:56 - 27.08.2026

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August 27, Fineko/abc.az. Oil prices edged down as discussions between Iran and Oman raised expectations of reopening the strategic Strait of Hormuz. Brent crude futures dropped 0.7% to $87.24 per barrel, while US West Texas Intermediate (WTI) fell 0.7% to $81.67 per barrel.

Prior to the regional conflict, the Strait of Hormuz handled nearly one-fifth of global oil and gas consumption, though shipments recently dropped to a fraction of normal capacity. While diplomatic efforts offer optimism for restoring maritime traffic, supply tightness concerns persist.

Furthermore, US distillate inventories fell by 2.2 million barrels to 103.4 million barrels, adding ongoing pressure to global diesel supplies.