Oil up more than 40% this year as Hormuz tensions keep markets on edge
OPEC has trimmed its demand forecast, but supply fears continue to dominate prices.
Brent crude has gained more than 40% so far in 2026 as the conflict involving Iran and the blockade around the Strait of Hormuz disrupted shipping. Prices have swung sharply, with Brent trading in the high $80s per barrel during August.
OPEC has cut its forecast for global oil demand growth this year to 0.6 million barrels per day. Analysts say that slowing demand has not been enough to offset supply fears.
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For India, which imports most of its crude, expensive oil adds to inflation risks and widens the current account deficit, a concern also highlighted by the IMF.
Source: AGBI
