Oil prices edge higher to $88.7 amid Strait of Hormuz supply concerns

August 17, 2026 (MLN): Oil prices were little changed in early Monday trading after tanker movements through the Strait of Hormuz declined over the weekend, raising concerns about potential supply disruptions amid the ongoing conflict between the United States and Iran.

Currently, Brent crude futures is up, 0.22%, at $88.74 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.10, or 0.12%, to $82.30 per barrel by [09:43 am] PST.

Both major oil contracts advanced more than 5% last week following attacks involving vessels operated by Abu Dhabi National Oil Company (ADNOC) in the Strait of Hormuz and an attack on a Saudi Aramco refinery.

Shipping activity through the strategic waterway weakened sharply over the weekend. According to ship-tracking data from Kpler, only five commodity vessels crossed the strait on Saturday, while no crossings were recorded on Sunday. This compared with 31 vessels during the previous weekend, according to CNBC.

The slowdown comes after the United Arab Emirates accused Iran of attacking a third ADNOC-operated vessel while it was passing through the Strait of Hormuz on Friday. The UAE had earlier blamed Iran for two other incidents involving ADNOC vessels on Thursday evening.

Meanwhile, prospects for renewed U.S.-Iran negotiations remained uncertain. Iranian Foreign Minister Abbas Araqchi said Tehran had yet to decide whether to resume talks with Washington, while U.S. President Donald Trump called on Americans to tolerate somewhat higher gasoline prices while the conflict persists.

Market participants are weighing the risk of further supply disruptions against alternative shipping routes and informal supply channels that could help cushion the impact of reduced traffic through the strait.

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