Brent Remains Bullish, Hormuz and US Inventories in Focus
Oil prices continued to hold a positive tone on Wednesday, August 19, 2026. Brent crude traded around US$91.3–US$91.8 per barrel, while WTI hovered near US$85.3. Oil has risen for four consecutive sessions and recently posted its highest close since July 24, showing that buyers still hold the upper hand in the short term.
From a fundamental perspective, the main bullish driver remains the US-Iran deadlock and uncertainty surrounding the Strait of Hormuz. President Donald Trump has said there are no ongoing talks with Iran, while Tehran insists the waterway will remain restricted until its conditions are met. The temporary ceasefire has also expired without a new agreement, leaving the market with little confidence that oil flows will normalize soon.
Supply risks remain elevated, although some factors are preventing Brent from surging too aggressively. Saudi Arabia has resumed part of its oil loadings, Chinese shipping firms have started collecting cargoes outside the Gulf, while Iraq is preparing alternative export routes for September. This means supply has not been completely cut off, even though visible shipping traffic through Hormuz remains extremely limited.
The next important fundamental catalyst is US crude inventory data. API figures showed declines in crude and distillate stocks last week, while gasoline inventories increased. Markets are now waiting for the official EIA report. A larger-than-expected crude draw could provide fresh support for Brent, while an unexpected inventory build may trigger profit-taking.
From a technical perspective, Brent’s short-term structure remains bullish after four consecutive sessions of gains. The US$91 area is the nearest support, while the psychological US$90 level remains the key line of defense for buyers. On the upside, US$92 is the first major resistance. A clear breakout above that level could open the way toward US$93–US$95.
Newsmaker Analysis: Oil remains bullish today, but the market is becoming increasingly vulnerable to profit-taking after the recent rally. As long as Brent holds above US$90–US$91, buyers still have room to push prices toward US$92 and then US$93–US$95. On the downside, a break below US$90 could trigger a correction toward US$89–US$88. The key catalysts today are developments in the Strait of Hormuz and the official US EIA inventory report.(mrv)
Source : Newsmaker.id
