SINGAPORE / RankWire.AI / – Oil prices fell again Thursday, extending a decline that has lasted several sessions. Brent crude futures dropped 41 cents, or 0.5%, to $87.43 a barrel at 0330 GMT. U.S. West Texas Intermediate crude fell 37 cents, or 0.5%, to $81.86 a barrel. Brent was heading for a fourth straight daily loss. WTI was on course for a fifth consecutive decline. Traders continued to monitor developments affecting energy shipments through the Strait of Hormuz.
Both benchmarks had already ended lower on Wednesday after recovering from deeper losses earlier in the session. Brent settled 74 cents lower, or 0.84%, at $87.84 a barrel. WTI finished down 13 cents, or 0.16%, at $82.23. Earlier Wednesday, Brent had fallen about 2%, while WTI had dropped about 1.8%. Both contracts also lost more than 3% in the preceding session. The latest move kept crude prices under pressure during early Asian trading.
Regional discussions involving Iran and Oman remained in focus because they addressed conditions surrounding the Strait of Hormuz. Qatar was also involved in diplomatic activity connected with the talks. The strait links the Persian Gulf with the Gulf of Oman and global shipping routes. It carries large volumes of crude oil and other energy products from Gulf producers. Changes in shipping access can directly affect physical oil flows. The waterway therefore remained an important factor in daily crude market trading.
Strait of Hormuz remains key market focus
The Strait of Hormuz is one of the world’s most important channels for international energy shipments. Major Gulf exporters rely on the route to reach buyers across Asia and other regions. Alternative pipelines can handle only part of the oil that normally moves through the waterway. Shipping conditions in the area have remained closely watched during recent regional tensions. Oil prices have recorded sharp daily swings as traders assess confirmed changes in physical supply and transport conditions. Those movements continued through Thursday’s Asian session.
Fresh U.S. inventory data provided another measure of near-term oil supply. The U.S. Energy Information Administration reported that commercial crude stocks rose by 95,000 barrels last week. Inventories reached 428.9 million barrels for the week ending August 21. The increase was smaller than the market had expected before the report. Crude prices recovered part of their earlier Wednesday losses after the figures were released. Brent and WTI still closed below their previous settlement levels despite that rebound.
OPEC+ September supply adjustment stays in view
OPEC+ supply policy also remained part of the wider market picture before the start of September. Seven participating countries approved a production adjustment of 188,000 barrels per day for next month. The group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. Members also reaffirmed commitments linked to production compliance and compensation for earlier overproduction. The participating countries scheduled their next monthly meeting for September 6. That meeting remains a confirmed event on the global oil market calendar.
Thursday’s early decline left Brent trading below $88 a barrel and WTI below $82. The losses extended a sustained retreat across both major crude benchmarks this week. U.S. commercial crude inventories stood at 428.9 million barrels after the latest weekly increase. Market attention remained centered on confirmed shipping developments, regional diplomatic talks and physical supply conditions. Traders were also monitoring inventory levels and scheduled production changes. Those factors continued to shape oil prices as global energy markets moved toward the end of August.