Oil prices set for second weekly gain as Iran war disrupts supply

August 21, 2026 (MLN): Oil prices remained broadly stable on Friday but were heading for a second consecutive weekly increase as the ongoing U.S.-Iran conflict continued to disrupt crude supplies from the Middle East.

Currently, Brent crude futures is down, 0.59%, at $93.23 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.66, or 0.76%, to $86.17 per barrel by [11:05 am] PST.

Brent crude has gained more than 7% over the past five sessions, while West Texas Intermediate (WTI) has advanced over 8%, with both benchmarks reaching their highest levels since July 24.

The prolonged conflict has fueled concerns that supply disruptions from major oil producers, including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait, could persist, according to CNBC.

The lack of progress toward renewed peace talks has added to market uncertainty. The previous ceasefire agreement expired this week, while U.S. President Donald Trump warned of severe economic measures against countries providing support to Iran.

Trump on Wednesday warned Tehran of “economic warfare and isolation on an unprecedented scale,” threatening consequences for countries providing support to Iran.

The UAE also suspended financial and economic transactions with Iran until further notice, underscoring the growing tensions between the Gulf oil producer and Tehran.

The conflict, which began on February 28 after U.S. and Israeli strikes on Iran, has resulted in thousands of deaths and disrupted energy flows across the region.

Iran's blockade of the Strait of Hormuz and attacks on energy infrastructure have further strained global oil and gas supplies.

Traffic through the Strait of Hormuz remained unchanged on Wednesday, with only nine vessels passing through the strategic waterway.

The figure remains well below pre-war levels, when shipments equivalent to around one-fifth of global oil consumption moved through the strait.

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