Houthis keep attacking vessels in the Red Sea
August 13, 2026
The DOE inventory report had crude oil up a big 17.4 million barrels, gasoline down 968,000 barrels, and distillate down 10,000 barrels.
Even with the big build in crude oil prices were higher but not substantially and they are pulling back today as the Iran US news leans more favorable this morning. President Trump made the comment that the US was back in control of the Strait of Hormuz. He said, reported by Bloomberg, the US has “total control;” of the Strait of Hormuz. He said, “we owe it.”
The Red Sea is still seeing activities by the Houthis there attacking vessels and keeping the market supported. There are still plenty of issues that are offering support to prices for now.
The Financial Times reported that Ukraine has paused drone strikes on oil tankers using Russian Black Sea port of Novorossiysk after a request from Vice President JD Vance.
There are reports of energy demand being down and high prices are certainly part of the reason. This could help the supply situation that either needs more production or less demand or both.