Oil rises on supply worries as Oman spill spreads

Oil prices climbed on Thursday, August 13, 2026, as supply disruption worries intensified after deadly vessel attacks in the Gulf of Oman and the Red Sea and a worsening oil spill near Oman's coast. Brent crude futures for October delivery rose 1.01% to $88.09 a barrel, while U.S. West Texas Intermediate for September gained 1.15% to $82.31 per barrel.

A massive spill from a leaking tanker that ran aground on June 30, 2026, is spreading along Oman's coastline. The tanker carried an estimated 800,000 barrels of Russian oil under international sanctions, according to Reuters, and is leaking near a nature reserve home to Arabian Sea humpback whales and Socotra cormorants.

The International Energy Agency said on August 12, 2026, that global oil demand is set to fall further than previously expected in 2026 because of the deepening impact of the Strait of Hormuz closure. The agency added that 'renewed hostilities and maritime disruptions' are undermining efforts to boost global oil supply, with supply remaining 6.3 million barrels a day lower year-on-year in July.

Diplomatic efforts toward reopening the Strait of Hormuz are ongoing, but the war that has lasted more than five months continues to disrupt energy flows.

Christopher Tahir, a senior market strategist at Exness, said the lack of clarity over a full reopening of the waterway could leave oil prices exposed to the upside in a tight market. Any additional setbacks could drive prices further up, he added.