Oil prices steady on Friday after Washington threatened an indefinite naval blockade of Iran, after the previous session's fall on a weaker outlook for demand and a large build in US stocks.
Iran and the US still cannot agree on how to stop the war in the Gulf. An Iranian leader said that latest meetings did not fix their old agreement or create a plan for future peace.
The US is preparing to launch historic, unprecedented economic isolation measures against Iran, said Treasury Secretary Scott Bessent. The new strategy aims to completely cut off the Teheran's regime's resources.
Russia's sea-based oil exports plunged in July as Ukrainian drone strikes forced several major Russian refineries to shut down for unexpected repairs, according to Reuters' calculations.
OPEC cut its 2026 global oil demand growth forecast down to just 580,000 bpd, while the IEA warned that global fuel use will actually shrink by 1.6 million bpd this year
US commercial crude oil inventories made their largest weekly gain since January 2023 as exports slumped, said the EIA. The crude exports fell last week to their lowest level since November 2025.
EBC Financial Group analyst say that Brent crude broken below the 50 SMA again, signaling that the short-term bullish momentum is fading. If the price stays above the $85.84 support line, a retest of $88.5 is likely.
Asset Recap
As of market close on 13 August, among EBC major products, Workday shares led gains on a report that private equity firm Silver Lake is in talks to buy the human resources software maker.
Cisco shares dropped as the networking equipment vendor's better-than-expected earnings report and strong guidance failed to impress Wall Street, due to gross margin compression tied to AI hardware mix.
Gold prices have faced the strong headwind for much of 2026, but a weaker dollar and strong central bank demand could help propel prices back toward $5,000 per ounce next year, according to UBS.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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