Oil Prices Today: WTI Near $76 and Brent Near $80 as Traders Weigh Hormuz Talks and Mixed EIA Inventory Data on August 5, 2026
Oil prices steadied on August 5 as traders balanced Hormuz headlines against mixed but concrete U.S. inventory data.
Jason Gilbert
Founder & CEO, Fox Energy Partners
Key Takeaways
- Brent was reported near $79.41 to $79.97 on August 5, 2026, while WTI was reported near $75.77 later in the session.
- EIA data for the week ended July 31 showed a 2.479 million barrel build in commercial crude stocks.
- Gasoline and distillate inventories fell, and refinery utilization remained high at 96.5%.
By Jason Gilbert
Founder & CEO, Fox Energy Partners
Oil prices were steady to slightly firmer on Wednesday, August 5, 2026, after a sharp selloff on August 4. Brent crude was reported near $79.41 per barrel in an AP market roundup, while a later MarketWatch market update showed Brent near $79.97 and West Texas Intermediate near $75.77 as traders weighed renewed hopes for a Strait of Hormuz arrangement and the latest U.S. inventory data.
The U.S. Energy Information Administration said commercial crude inventories for the week ended July 31 rose to 406.987 million barrels, up 2.479 million barrels from the prior week, while gasoline inventories fell by 1.643 million barrels, distillate inventories fell by 3.473 million barrels, and refinery utilization held at 96.5%.
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Jason Gilbert
Founder & CEO, Fox Energy Partners