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Line chart showing Brent crude oil prices falling below $87 after five consecutive sessions of gains.

Brent crude fell 2.18% to $87.04 Thursday, snapping a five session winning streak that had carried it from $79.36 on August 4 to a high of $88.98 on August 12. The reversal coincided with the IEA and OPEC both cutting their 2026 demand outlooks this week, OPEC's fourth consecutive downward revision, even as the Strait of Hormuz remained effectively closed to commercial shipping. The move suggests oil prices are now tracking demand forecasts more than supply-side conflict risk.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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