Oil Prices Stay High as Markets Fear a Long Hormuz Shipping Crisis

Oil closed at $89.31 on August 28, 2026 — $3–6 above Reuters' July forecast of $85.22. Traders expect a long crisis at the Strait of Hormuz, a key shipping route, not a short one. Yet 9 million barrels still pass through daily. That gap between fear and reality keeps gas and diesel prices high for families.