Crude oil holds decline near $81 amid Strait of Hormuz stalemate
Crude oil trades near $81 per barrel after a prior-session decline as investors wait for efforts to reopen the Strait of Hormuz, while the IEA cuts demand outlook and OPEC lowers 2026 growth to 580,000 bpd.
Crude oil traded near $81 per barrel on Friday after declining in the previous session, as investors adopt a wait-and-see mode while monitoring diplomatic efforts to reopen the Strait of Hormuz.
Despite the ongoing impasse, crude continues to flow out of the Persian Gulf, with some tankers sailing with their transponders switched off, although vessels navigating Hormuz remain exposed to persistent threats.
The US also claims that as much as 9 million barrels of oil per day is currently transiting the waterway, while the capacity of US forces to escort tankers continues to expand.
On the demand side, the IEA cut its global oil demand outlook this week, warning that prolonged conflict and elevated prices are increasingly weighing on consumption.
OPEC also lowered its 2026 global oil demand growth forecast to 580,000 barrels per day, marking its fourth consecutive downward revision.