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Oil prices fall nearly 2% on global markets

26 August 2026 09:00 (UTC +04:00)

Oil prices on global markets have fallen by nearly 2%, APA-Economics reports.

Brent crude futures fell 2% to $86.80 per barrel, while WTI crude declined 1.8% to $80.87 per barrel. Both benchmark crude grades also lost more than 3% in value the previous day.

The main reason for the decline is the resumption of talks between Iran and Oman on managing traffic through the Strait of Hormuz and growing expectations that the strait could reopen.

Iran and Oman said they were discussing the establishment of a “temporary joint navigation corridor” for passage through the strait and had reached an agreement on clearing the area of mines.

A larger-than-expected increase in U.S. crude oil inventories also put pressure on prices. According to the American Petroleum Institute (API), inventories rose by 4.2 million barrels in the week ending August 21. The market had expected an increase of around 600,000 barrels.

At the same time, an oil tanker being struck and disabled by an unidentified object at the entrance to the Strait of Hormuz shows that risks in the region still persist.