Brent Crude Oil Prices

Brent crude oil prices averaged USD 88.07 per barrel in August, up 4.8% from July. On 31 August, the commodity traded at USD 89.40 per barrel, down 0.8% from 31 July.

In August, Brent prices moved back toward the four-year highs seen in March–May, as the two-month Iran-U.S. ceasefire expired, and attacks in the Red Sea by the Houthis, an Iranian ally, hit a major alternative export route to the Strait of Hormuz. Still, oil prices remained below March–May levels, as oil traffic through the Strait reached roughly 50% of prewar levels by late August; Gulf countries found workarounds, including switching off trackers and hauling barrels just outside the Gulf for collection.