Oil Price Rebounds from Escalating Tensions, Strait of Hormuz Disruptions, ABN Amro Says

07:36 AM EDT, 09/03/2026 (MT Newswires) -- Escalating tensions in the Middle East and decreased flows through the Strait of Hormuz have prompted a rebound in oil prices, but lower demand and other factors have limited the price impact, ABN Amro Group Economics said in a Thursday note. Oil demand fell by 6.8 million barrels per day between the end of 2025 and June 2026, ABN Amro said. Alternative export routes, dark transits, ship-to-ship transfers and high US oil production have also capped the increase in oil prices. The market is expected to remain tight even if a near-term deal to reopen the strait is reached. Meanwhile, recovering Asian demand, higher refinery activity and the need to rebuild low inventories are seen to provide price support later in the year, ABN Amro said.