Brent Crude Tops 91 Dollars on Four-Day Rally as Hormuz Dispute Keeps Markets on Edge

Oil prices climbed for a fourth consecutive session on August 19, with Brent crude trading above 91 dollars a barrel and WTI near 82 dollars, as conflicting signals from Tehran and Washington over the status of the Strait of Hormuz kept supply risks elevated. Iran's Persian Strait Gulf Authority insisted the strait remains blocked and will not be reopened until its conditions are accepted, directly contradicting Trump administration claims that shipping is flowing normally. Vessel transits through the strait have fallen to near three-month lows, with satellite and transponder data from Kpler showing just 84 total vessels transiting in one recent week.

The protracted impasse follows roughly five months of U.S.-Iran conflict. Adding to the supply picture, total oil product stocks at Fujairah, a key Middle East bunkering hub, stood at 7.752 million barrels as of August 17, a net rise of 1.445 million barrels week-on-week, though light and middle distillate inventories drew down while heavier residues rose. Technically, WTI and Brent are testing key resistance levels, but analysts note that further price direction is likely to hinge on Hormuz developments rather than chart signals alone.