U.S. Crude Settles at $82.23 After Hitting $79 as Iran Hopes Offset Russia Fears

3 articles · Updated · NBC News · Aug 26

$79 a barrel marked U.S. crude’s intraday low Wednesday—its weakest since Aug. 13—before prices reversed on reports Vladimir Putin may escalate the war in Ukraine; WTI still settled down at $82.23 and Brent at $87.84.
Iran-related optimism drove the early selloff: reports pointed to renewed Iran-Oman talks on reopening the Strait of Hormuz, a planned return of U.S. diplomats to Middle East posts, and signals Washington does not expect new strikes on Iran.
U.S. inventory data then added volatility, with stockpiles rising by less than analysts expected and briefly lifting prices as traders focused on how hard it will be to rebuild depleted U.S. reserves.
Strait traffic remains far from normal despite Trump’s claim mines were cleared: Kpler counted just five vessel crossings Tuesday, versus a prewar daily average of about 130.
Oil is still up more than 40% this year, and the market’s swings are feeding through the economy—July PCE inflation held at 3.7%, while the 10-year Treasury yield eased to about 4.6% and average 30-year mortgage rates fell to 6.74%.