Economy
Oil Prices Rise Amid Strait of Hormuz Supply Fears
aljazeera2h
THE BRIEF
1
Brent crude prices rose over 2% to nearly $90 a barrel on August 12, 2026, as attacks on shipping in the Middle East stalled negotiations to reopen the Strait of Hormuz.
2
Daily transit through the waterway has plummeted to just 10 vessels as of Monday, compared to the pre-war average of 130 daily transits.
3
The US Energy Information Administration stated it does not expect Middle East oil production to return to pre-conflict levels until early 2027, projecting an average price of $87 per barrel for 2026.