Key factors shaping energy prices on August 26, 2026

Brent crude oil futures fell 3.89% on Tuesday, continuing a decline driven by expectations of an imminent US-Iran ceasefire announcement, according to expert Andrey Mamontov from BKS Mir Investments. Pakistani and Iranian sources told RIA Novosti that a formal ceasefire declaration is expected within days. However, only five cargo ships passed through the Strait of Hormuz, far below the 10-day average of 15, while the US Treasury imposed new sanctions on over 60 Iranian-linked entities. US crude inventories stand at a 41-day supply, the lowest in half a century, with strategic reserves dropping to 289.7 million barrels. Kazakhstan cut its 2026 output forecast by 3.5 million tonnes due to CPC pipeline attacks, while hedge funds increased long positions on fuel futures.