Global oil prices continued to strengthen in trading on Wednesday\n(19\/8\/2026), driven by concerns over global supply after uncertainty\nsurrounding conditions in the Strait of Hormuz increased again.<\/p>\n
According to Refinitiv data on Wednesday (19\/8\/2026) at 09.20 Western\nIndonesia Time, the price of Brent crude stood at US$91.90 per barrel,\nup 0.97% compared with the previous close of US$91.02 per barrel.\nMeanwhile, West Texas Intermediate (WTI) crude rose 1.08% to US$85.86\nper barrel from US$84.94 per barrel.<\/p>\n
The increase extended the oil price rally to four consecutive trading\ndays. Compared with the close on 7 August, Brent has jumped around 10%,\nwhile WTI has strengthened by nearly 10%. Both contracts are now at\ntheir highest levels since 24 July.<\/p>\n
The price gains came as market participants reassessed the outlook\nfor oil supply from the Middle East. Hopes for a peace deal between the\nUnited States and Iran faded after President Donald Trump said there\nwere no ongoing talks with Iran and stressed that the Strait of Hormuz\nremained open. The statement contradicted Iran\u2019s claim that the\nstrategic shipping lane had not yet returned to normal.<\/p>\n
A temporary ceasefire is known to have ended on Monday. A senior\nIranian official told Reuters that the country was taking further steps\namid the diplomatic deadlock, although as of Tuesday there had been no\nreports of new attacks.<\/p>\n
Risks to oil distribution have prompted a number of countries and\ncompanies to begin preparing alternative routes. The Iraqi government\nhas approved a mechanism for exporting crude oil through several\ninternational and domestic companies and by using various export ports.\nThe scheme will run for three months starting 1 September.<\/p>\n
Elsewhere, two major Chinese shipping companies have halted tanker\nshipments through the Strait of Hormuz and Bab al-Mandeb. Oil cargoes\nare now being gathered outside the Gulf region as a security risk\nmitigation measure. The route changes could lengthen delivery times and\nincrease global oil logistics costs.<\/p>\n
From a fundamental perspective, oil supply in the United States is\nalso providing support for prices. American Petroleum Institute (API)\ndata showed crude oil and distillate inventories fell last week, while\npetrol stocks increased. The decline in crude oil stocks indicates\ntighter domestic supply.<\/p>\n
The market is now awaiting official Energy Information Administration\n(EIA) data, with analysts expecting US crude oil inventories to fall\nagain by around 600,000 barrels in the week ending 14 August.<\/p>\n
With the combination of geopolitical risks in the Middle East,\nadjustments to oil distribution routes, and expectations of declining US\noil stocks, the risk premium in the energy market remains intact. As\nlong as there is no certainty regarding the normalisation of shipping\nactivity in the Strait of Hormuz, oil price volatility is expected to\nremain high.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/oil-prices-rise-for-four-consecutive-days-1787111507", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }