International crude oil prices rose during the week of August 17-23, 2026, with WTI crude futures settling at $87.06 per barrel, up 5.66% week-on-week, and Brent crude futures settling at $94.39 per barrel, up 6.63%, according to a research report. Geopolitical factors drove the increase as US-Iran negotiations failed to resume after a deadline expired, traffic through the Strait of Hormuz declined significantly, and incidents involving vessel attacks and Houthi claims of attacks on Saudi refineries occurred.
US crude oil production averaged 13.83 million barrels per day in the week ending August 14, up 25,000 bpd from the previous week and 448,000 bpd year-on-year. US total petroleum demand averaged 19.538 million bpd, down 1.097 million bpd week-on-week. Total US crude inventories including strategic reserves were 722.20 million barrels, down 900,000 barrels from the previous week.
