Oil prices remained supported as efforts to reopen the Strait of Hormuz showed no meaningful progress, keeping traders focused on supply risks across the Middle East. West Texas Intermediate traded below $83 a barrel on Aug. 12 after slipping slightly, though it had climbed about 11% over the previous five sessions, while Brent had settled near $88 a barrel a day earlier. President Donald Trump said the U.S. had "complete control" over the waterway, but negotiations had yet to produce a breakthrough. The supply outlook tightened further after the International Energy Agency said a prolonged US-Iran conflict would leave the global oil market facing a shortfall of 1.8 million barrels a day in the third quarter of this year, more than double its previous forecast. The agency also projected that the annual supply deficit in 2026 would be the largest in the past five years. Markets are simultaneously absorbing disruptions tied to war in the Middle East and the Russia-Ukraine war, both of which are constraining crude oil and petroleum-product supplies and adding to inflation pressure. Separately, AAA said U.S. gasoline and diesel prices had reached record highs for this time of year, with strong summer travel demand and elevated crude prices increasing costs for consumers.