ETO Markets Global Pulse: Oil Slips 0.78% as Demand Forecasts Fall

Market Review

According to ETO Markets monitoring, on August 12 (Wednesday), WTI crude closed lower at USD 82.58 per barrel, down 0.78% on the day. Brent crude closed at USD 88.35 per barrel, down 0.65%.

OPEC cut its 2026 global oil demand growth forecast to 580,000 barrels per day, while the IEA expects oil demand to contract by 1.6 million barrels per day this year. A wave of downward demand revisions from major forecasters limited upside momentum in oil prices.

On August 13 (Thursday) during early Asian trading, WTI crude traded near USD 82.75 per barrel. Short-term price action remains range-bound.

Global Headlines

OPEC IEA Cut Oil Forecasts

OPEC lowered its 2026 global oil demand growth forecast to 580,000 barrels per day. The IEA expects oil demand to shrink by 1.6 million barrels per day this year. The downgrade in demand expectations kept markets cautious on the pace of oil demand recovery and capped further upside in crude prices.

Trump Demands Iran Conflict Compensation

Trump said on social media that he had noticed Iran was seeking compensation for losses suffered during the past five months of military conflict. He said he was also demanding compensation from Iran and had instructed his representatives to include this demand in all future negotiations.

Trump Says Hormuz Strait Open

Trump said the Strait of Hormuz is now open and controlled only by the US Navy. Speaking in the Oval Office, he described the US blockade as “foolproof” and a “wall of steel,” allowing only vessels approved by Washington to pass.

Trump Repeats Hormuz Control Claim

Trump again said on social media that the US controls the Strait of Hormuz. He stated that the US has full control of the strait and may keep it that way. He also called the naval blockade a “steel barrier” and said Iran had “no way” to counter it.

Iran Leaders Hold Long Meeting

Iranian President Pezeshkian said he recently held a seven- to eight-hour meeting with Supreme Leader Mojtaba Khamenei. Iranian state media said the two discussed public welfare needs, the ongoing war, future prospects, military development, and economic cooperation with foreign partners.

US Fuel Prices Hit Records

AAA data showed that in the second week of August, the average US gasoline price reached USD 4 per gallon, while diesel rose to USD 5.40 per gallon. Both hit record highs for the same period in past years. A year earlier, gasoline stood at USD 3.20 per gallon and diesel at USD 3.70, while the US is now in its peak driving season.

White House Expands AI Testing

WIRED reported that the Trump administration plans to revise its new AI guidelines and expand oversight of AI models. The White House had previously developed a pre-release safety testing framework for frontier AI models, mainly covering closed-source models from firms such as Anthropic and OpenAI. Officials said the framework may also cover open-source models with similar frontier capabilities in the coming months.

ETO Markets Analyst View (WTI Oil)

WTI crude is still trading around the 81.70 area, while the short-term structure remains in a downtrend. If prices continue to face resistance near 81.70, the market will keep watching the 78.50 area. A clear break below 78.50 could open the way toward 76.50.

If WTI breaks back above 81.70 and holds there, short-term downside pressure may ease. Upside could then test 83.50 and potentially extend toward 85.50.

The technical structure still identifies 78.50 as an important short-term support level. A break below this level may trigger a deeper move toward 76.50.

The market continues to reprice oil demand expectations, the shipping status of the Strait of Hormuz, US gasoline and diesel prices, and future US-Iran negotiation arrangements. Traders should carefully assess market timing and risk exposure.

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