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Report Time: August 27, 2026 — 5:31 a.m. MDT
Summary
- WTI crude is trading near US$82.43 per barrel on TradingView, up approximately $0.20, or 0.2%, from Wednesday’s official $82.23 settlement. The move is modest enough to be considered relatively flat to slightly higher.
- Brent crude is trading near US$88.40 per barrel on TradingView’s October contract, up about $0.56, or 0.6%, from Wednesday’s $87.84 settlement. Brent is showing a somewhat firmer rebound than WTI.
- Oil has recovered from sharp overnight losses as traders balance optimism over a possible partial reopening of the Strait of Hormuz against the risk that negotiations could stall. Qatar’s prime minister is due in Tehran Thursday as diplomatic efforts intensify.
Latest Oil Prices
Oil prices are slightly higher Thursday morning, recovering from significant declines earlier in the session.
At approximately 5:31 a.m. MDT, TradingView showed its NYMEX WTI continuous futures contract at about US$82.43 per barrel. Wednesday’s official Reuters-reported settlement was $82.23, putting WTI about 20 cents higher, or 0.2%.
WTI had fallen as low as $80.65 earlier Thursday before reversing higher, illustrating just how sensitive the market remains to developments surrounding the Strait of Hormuz. Reuters reported WTI at $82.41 at 1005 GMT, closely matching the TradingView reading.
For Brent, TradingView showed the October 2026 ICE contract at approximately US$88.40 per barrel, compared with Wednesday’s official settlement of $87.84. That represents a gain of approximately 56 cents, or 0.6%. Brent had traded as low as $86.22 earlier in the session before recovering.
TradingView’s continuous Brent contract is beginning to transition toward the November delivery month because the October contract expires on August 28. To avoid mixing contracts, this report uses the October Brent contract for the direct comparison with Wednesday’s settlement.
Why Oil Is Moving
The market remains almost entirely focused on whether traffic through the Strait of Hormuz can begin normalizing.
Iran and Oman are still working on details of an agreement governing the waterway, while shipping traffic increased slightly Wednesday. The Strait handled roughly one-fifth of global oil and LNG flows before the conflict began, so even a partial reopening could release substantial volumes back into the global market.
However, traders are becoming more cautious about assuming a quick resolution.
Reuters reported that Qatar’s prime minister is travelling to Tehran Thursday in another effort to de-escalate the nearly six-month U.S.-Israeli conflict with Iran. There is a pause in fighting, but major disagreements remain over Iran’s nuclear program and control of the Strait.
Key Market Risks and Catalysts
The biggest downside catalyst remains a credible agreement that restores Hormuz shipping more quickly. Such a development could remove additional geopolitical risk premium from crude prices.
The major upside risk is that negotiations stall or collapse, which could quickly push supply fears back into the market. Actual tanker traffic remains well below pre-war norms despite Wednesday’s slight improvement.
U.S. inventories are also providing some support. Wednesday’s EIA report showed crude stocks increased by only 95,000 barrels, well below the roughly 597,000-barrel increase analysts had expected.
Russian supply risks are another factor after the NORSI refinery, Russia’s fourth-largest, suspended crude processing following a Ukrainian drone attack.
Bottom Line
Oil is relatively flat to moderately higher this morning, with WTI up around 0.2% and Brent approximately 0.6% higher from Wednesday’s settlements.
The recovery from much steeper overnight losses suggests traders are not yet convinced that a full reopening of Hormuz is imminent. For now, crude remains caught between growing diplomatic optimism and the continuing risk that negotiations fail, leaving prices highly sensitive to developments out of Tehran and the Gulf.
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