Market Outlook – 16th to 31st August 2026 Pricing Window
Although international crude oil prices fell below USD70/bbl for the first time since the escalation of hostilities involving the United States, Israel, and Iran in early March, prices remained elevated relative to pre-conflict levels. The sharp decline in crude prices followed the ceasefire agreement reached in early July, which eased geopolitical tensions and improved market sentiment. During the conflict, crude oil prices surged from about USD65/bbl to nearly USD130/bbl, significantly disrupting global energy markets and supply chains.
