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Canada-US Trade Talks Gain Momentum Ahead of Aug. 19 Tariff Deadline 
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Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Oil Prices Slide as OPEC, IEA Cut 2026 Demand Forecasts 
Gold Price Holds Near $4,400 as Hormuz Risks and CPI Drive Markets 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
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Australia Sets New Minimum Pay, Insurance Rules for Gig Workers 
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Oil prices declined Thursday as unexpectedly large U.S. crude inventories, weaker global demand forecasts and continued tensions surrounding the Strait of Hormuz weighed on the market.
Brent crude futures for October delivery fell 2.2% to settle at $86.99 per barrel, ending a six-session winning streak. U.S. West Texas Intermediate (WTI) crude futures for September dropped 2.5% to $81.18 per barrel, snapping five consecutive sessions of gains.
Pressure on crude oil prices intensified after the U.S. Energy Information Administration reported a sharp increase in domestic stockpiles. Commercial U.S. crude inventories, excluding the Strategic Petroleum Reserve, jumped by 17.4 million barrels in the week ending August 7 to 424.4 million barrels. Analysts had expected inventories to decline by 1.7 million barrels.
Including the SPR, total U.S. crude stocks increased by 11.3 million barrels to 723.1 million barrels.
Concerns over global oil demand also influenced trading. The International Energy Agency now expects worldwide oil demand to decline by 1.6 million barrels per day in 2026, before rebounding by 2.4 million barrels per day in 2027. The agency estimated that about 8.3 million barrels per day of Gulf production remains offline.
OPEC offered a less pessimistic outlook, forecasting global oil demand growth of 600,000 barrels per day in 2026, down from its previous projection of 800,000 barrels per day.
Meanwhile, uncertainty over the Strait of Hormuz remains a key risk for global energy markets. The U.S. maintains that the critical shipping route is open to commercial vessels, while Iran says the waterway remains under its control and has imposed conditions for safe passage.
Shipping activity through Hormuz has reportedly fallen to its lowest level since mid-May. Supply concerns have also intensified following attacks in the Bab el-Mandeb Strait by Iran-backed Houthi forces, adding another layer of uncertainty to global oil markets.
