Oil Prices Pull Back After Five Straight Gains as Markets Focus on the Strait of Hormuz and Supply Shortfall
On August 13, oil prices slightly declined after rising for five consecutive trading days, as traders awaited signs of progress on the reopening of the Strait of Hormuz. WTI crude oil fell below $82 per barrel, following an 11% cumulative increase over the past five trading days; Brent crude briefly dropped below $87 per barrel. Regarding the Middle East situation, there were almost no signs of progress on reopening the Strait of Hormuz. U.S. President Trump stated that the United States has "full control" over this waterway. The International Energy Agency (IEA) indicated that as the U.S.-Iran conflict continues, the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than twice previous estimates; by 2026, the oil supply deficit could reach its largest level in five years. According to the American Automobile Association, gasoline and diesel prices in the U.S. have never been this high for this time of year.
Related Breaking News
-
2026-08-13 09:11:38
Oil Prices Pull Back After Five Straight Gains as Markets Focus on the Strait of Hormuz and Supply Shortfall
On August 13, oil prices slightly declined after rising for five consecutive trading days, as traders awaited signs of progress on the reopening of the Strait of Hormuz. WTI crude oil fell below $82 per barrel, following an 11% cumulative increase over the past five trading days; Brent crude briefly dropped below $87 per barrel. Regarding the Middle East situation, there were almost no signs of progress on reopening the Strait of Hormuz. U.S. President Trump stated that the United States has "full control" over this waterway. The International Energy Agency (IEA) indicated that as the U.S.-Iran conflict continues, the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than twice previous estimates; by 2026, the oil supply deficit could reach its largest level in five years. According to the American Automobile Association, gasoline and diesel prices in the U.S. have never been this high for this time of year. -
2026-08-12 16:07:13
Iea monthly report
IEA Monthly Report: Global oil demand in 2026 is expected to decline by 1.6 million barrels per day due to disruptions in the Strait of Hormuz and high oil prices (previously forecasted to decline by 1 million barrels per day). -
2026-08-12 13:53:28
China’s First! Medpha PHA Granted Medical Device Registration Certificate
Recently, Zhuhai Maide Biological Technology Co., Ltd. received approval for its "single-use sterile tissue closure clip" as a Class II medical device (Yue Medical Device Registration No. 20262020844), becoming the first domestic medical device approved made from polyhydroxyalkanoates (PHA). PHA has officially transitioned from the laboratory to clinical use, marking a milestone breakthrough for domestic biomedical materials. -
2026-08-12 13:50:57
Nearly 20 Billion Yuan! 1 Million-Ton-per-Year Ethylene Project Publicized
Recently, the People’s Government of Uxin Banner, Inner Mongolia Autonomous Region, issued the “Public Notice on Social Stability Risk Assessment for the 1 Million Tons/Year Ethane and Light Hydrocarbon-to-Ethylene Project of Hohhot Petrochemical Company.” According to publicly available preliminary project information, the project plans to newly build: a 1 million tons/year ethylene unit (including a PSA unit), a 300,000 tons/year HDPE unit, two 400,000 tons/year FDPE units, a 250,000 tons/year PP unit, a 50,000 tons/year butadiene extraction unit, a 100,000 tons/year pyrolysis gasoline hydrogenation unit, and a 200,000 tons/year by-product consumption co-production unit. Supporting utility and auxiliary facilities, storage and transportation works, as well as a dedicated railway spur line, will be constructed concurrently. -
2026-08-11 15:36:36
Rongsheng Petrochemical ABS Unit Plans To Reduce Load In August
Report on August 11: Rongsheng Petrochemical's 1.6 million tons per year ABS unit has a planned production reduction for August, with an expected load reduction to 60-70% operation. Previously, the unit was operating at about 80% capacity.
Most Popular
-
Rhein River Water Level Hits Record Low! Covestro And BASF Announce Force Majeure For Some Products
-
2026 Electronic Components Price Increase Notice
-
A Look at the Material Suppliers Behind SpaceX
-
[Overseas News] Adipic Acid Prices Rise Again! U.S. Issues 337 Investigation Ruling; BASF Shuts Down Two Major Care Chemicals Plants in India
-
Novel Biosensor Can Detect Polystyrene (PS) Nanoplastics in 20 Minutes
