Oil prices moved higher on Thursday, supported by fresh worries over supply disruptions as a large oil spill near Oman continued to spread and deadly attacks on vessels in the Gulf of Oman and the Red Sea escalated concerns about energy flows.
International benchmark Brent crude futures for October delivery rose 1.01% to settle at $88.09 a barrel. U.S. West Texas Intermediate futures for September advanced 1.15% to $82.31 per barrel, according to data from CNBC.
Oman spill raises environmental and supply concerns
Oman’s coastline has reportedly begun to feel the effects of a massive oil spill triggered by a leaking tanker that ran aground on June 30. The vessel was carrying an estimated 800,000 barrels of Russian oil and is currently under international sanctions, Reuters reported. The leak is occurring near a nature reserve that is home to wildlife including Arabian Sea humpback whales and Socotra cormorants, according to the news agency.
The spill has added another layer of uncertainty to an already volatile market, where shipping routes in the region have become increasingly hazardous amid ongoing hostilities.
IEA cuts demand outlook amid Hormuz closure
Adding to the bearish demand picture, the International Energy Agency said Wednesday that global oil demand is expected to fall further than previously projected this year, as the closure of the Strait of Hormuz continues to take a deepening toll on trade flows.
The IEA noted that “renewed hostilities and maritime disruptions” are undermining efforts to boost global oil supply. Global supply remained 6.3 million barrels a day lower year-on-year in July, the agency said.
Attacks and diplomatic uncertainty keep upside risks alive
Deadly attacks on vessels in the Gulf of Oman and the Red Sea have pushed concerns over supply disruptions up another notch. While there are signs that diplomatic efforts toward reopening the Strait of Hormuz are underway, the over five-month-old conflict continues to disrupt energy flows.
“The lack of clarity over the possibility of a full reopening of the waterway could leave oil prices exposed to the upside at a time when the market remains tight,” said Christopher Tahir, a senior market strategist at Exness, adding that any additional setbacks could drive oil prices further up.
With the market balancing tight supply against weakening demand forecasts, traders are closely watching for any progress — or setbacks — in efforts to restore stability to the region’s key shipping lanes.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/13/oil-spill-near-oman-worries-over-supply-.html
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