Brent slips to $84.5 as US crude oil stocks rise

The September futures barrel of Brent oil slipped to $84.5 with a 0.25 percent decrease following the announcement of rising weekly crude oil stocks in the US. In the same period, West Texas Intermediate (WTI) traded at $79.19 with a 0.19 percent loss in value. During the day, prices rose due to tensions in the Strait of Hormuz and fell with the stock increase.

Mutual military attacks between the US and Iran led to price increases in oil markets. Iran warned that the Strait of Hormuz would remain closed until the attacks stopped. The war between the two countries entering a new escalation phase also resulted in regional allies Bahrain, Kuwait, and Jordan being targeted.

Despite all these tensions, US President Donald Trump announced that he abandoned the 20 percent fee he demanded for passage through the Strait of Hormuz. Trump announced on the Truth Social platform that, following his discussions with Gulf countries, he decided to focus on commercial and investment agreements instead of this fee. Brent oil continues its upward trend due to intensifying conflicts.