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Report Time: August 28, 2026 — 3:00 p.m. MDT
Friday closing/settlement report. TradingView and official settlement data checked at report time.
Summary
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WTI crude settled Friday at US$83.40 per barrel, down $0.13, or 0.16%, on the day and $3.66, or 4.2%, from last Friday’s $87.06 close. TradingView’s WTI continuous contract was around $83.43 after the close, essentially confirming the settlement level.
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Brent crude settled at US$89.31 per barrel, down $0.39, or 0.43%, Friday and $5.08, or 5.4%, from last Friday’s $94.39 settlement. Oil therefore snapped a two-week winning streak.
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The week’s major story was the removal of part of oil’s Middle East risk premium. Expectations that more crude could move through the Strait of Hormuz, combined with hawkish Federal Reserve comments Friday, outweighed continuing Iran tensions, sanctions and disruptions to Russian refining.
Friday Closing Prices
Oil ended a volatile week modestly lower Friday.
Reuters reported that WTI settled at $83.40, down 13 cents, while Brent finished at $89.31, down 39 cents.
TradingView WTI crude futures showed its continuous NYMEX contract at approximately $83.43 after trading ended, within three cents of the official WTI settlement.
Brent requires additional caution today because the October ICE Brent contract expired August 28. TradingView’s continuous series is consequently transitioning toward November, so the official $89.31 October Brent settlement provides the cleaner Friday-to-Friday comparison.
Weekly Performance
The weekly decline was substantial:
WTI: $87.06 last Friday → $83.40 today
Change: -$3.66/bbl, or approximately -4.2%
Brent: $94.39 last Friday → $89.31 today
Change: -$5.08/bbl, or approximately -5.4%
Reuters described both benchmarks as falling more than 4% for the week, while market data put Brent’s decline at roughly 5.4%.
Why Oil Moved This Week
The biggest factor was the Strait of Hormuz.
Early in the week, traders increasingly priced in the possibility that Iran, Oman and other mediators could establish a shipping corridor allowing more Gulf crude to reach international markets.
That optimism was sufficient to remove several dollars of geopolitical premium even though a comprehensive agreement has not been reached.
Goldman Sachs estimates Gulf exports have recovered to approximately 15 million–16 million barrels per day, up 5 million–6 million bpd from their March low. However, exports remain 7 million–8 million bpd below pre-war levels.
Physical traffic remains inconsistent. Only seven commodity vessels crossed Hormuz Thursday, down from 17 Wednesday and below the recent 10-day average of 15. Before the conflict, roughly 20% of global oil supply moved through the Strait.
Friday brought another bearish factor: Federal Reserve Chairman Kevin Warsh’s hawkish inflation comments, which increased expectations for another U.S. interest-rate increase and strengthened the U.S. dollar. Higher rates can weaken economic growth and petroleum demand, while a stronger dollar generally makes dollar-denominated crude more expensive for non-U.S. buyers.
Key Developments to Watch Next Week
The most important issue remains whether the Hormuz shipping recovery becomes sustained. A formal agreement accompanied by consistently higher tanker traffic could put additional downward pressure on crude. A breakdown in negotiations or another vessel attack could quickly restore the risk premium.
Washington’s new sanctions on Iran also remain important. Tehran has dismissed the measures as ineffective, while traders will watch whether sanctions materially reduce Iranian exports.
Russian supply risks are another potential bullish factor as Ukrainian attacks continue to affect Russian refining infrastructure. U.S. drilling activity, meanwhile, remains restrained: Baker Hughes reported the U.S. oil rig count fell by five this week to 447 rigs.
Bottom Line
Oil suffered a decisive weekly setback, with WTI losing about 4.2% and Brent roughly 5.4%.
Importantly, the decline was driven less by evidence of collapsing demand than by expectations that more Middle Eastern supply could escape the Hormuz bottleneck.
With no final Hormuz agreement and Gulf exports still well below pre-war levels, the market could remain extremely headline-sensitive next week.
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