SINGAPORE / RankWire.AI / – Oil prices fell again Thursday, extending a multi-day decline as markets tracked developments around the Strait of Hormuz. Brent crude futures dropped 41 cents, or 0.5%, to $87.43 a barrel at 0330 GMT. West Texas Intermediate crude futures fell 37 cents, or 0.5%, to $81.86 a barrel. Brent headed for a fourth straight daily decline, while WTI moved toward a fifth consecutive session of losses. The losses kept both benchmarks below their Wednesday settlement levels during early Asian trading.
The move followed another weaker session Wednesday, when both crude benchmarks finished lower after sharp intraday swings. Brent settled 74 cents lower, or 0.84%, at $87.84 a barrel. WTI ended down 13 cents, or 0.16%, at $82.23. Earlier Wednesday, Brent had fallen about 2%, while WTI dropped about 1.8%. Both contracts had also lost more than 3% during the previous session. The losses continued a broader pullback that began earlier in the week across both contracts.
Negotiations involving Iran and Oman remained a central market focus because they concerned the Strait of Hormuz. The waterway connects major Gulf oil producers with international markets and carries significant energy shipments. Market participants also watched diplomatic activity involving Qatar as regional talks continued Thursday. The discussions came as crude prices extended a multi-session decline. Shipping access through Hormuz remained a key factor in the flow of Middle East oil exports. The strait sits between Iran and Oman at the entrance to the Persian Gulf.
Hormuz talks remain central to oil market
The Strait of Hormuz remains one of the world’s most important routes for crude oil and natural gas shipments. Restrictions on traffic have disrupted normal energy flows from the Gulf since the regional conflict intensified this year. Alternative routes can carry only part of the volume normally handled by the strait. Shipping activity there directly affects how much regional supply reaches international buyers. Recent oil prices have moved within a volatile range as physical supply conditions changed across the region.
U.S. inventory figures added another confirmed supply measure to the market picture this week. The U.S. Energy Information Administration reported that commercial crude inventories rose by 95,000 barrels to 428.9 million. The increase covered the week ended August 21 and followed several weeks of closely watched stock changes. Crude prices recovered part of Wednesday’s earlier losses after the inventory report became available. Even after that recovery, Brent and WTI both finished the session below their previous closes.
September supply adjustment enters market picture
Supply policy also remained part of the broader oil market backdrop ahead of September. OPEC+ previously approved a 188,000 barrel-per-day production adjustment for seven participating countries starting in September. The decision covered Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. Those countries also reaffirmed commitments tied to production conformity and compensation for earlier overproduction. The group scheduled its next monthly meeting for September 6, adding another confirmed supply event to the market calendar.
Thursday’s decline left Brent below $88 and WTI below $82 during early Asian trading. Brent had fallen for four consecutive sessions, while WTI had declined for five. The latest prices remained above the levels seen during some earlier periods this year. Crude inventories in the United States stood at 428.9 million barrels after the latest weekly increase. Oil markets continued to track confirmed shipping developments, physical supply and inventory data as the week progressed.