Report Time: August 28, 2026 — 5:30 a.m. MDT

Summary

• WTI crude is trading at approximately US$83.28 per barrel on TradingView, down $0.25, or 0.3%, from Thursday’s official $83.53 settlement. The move is relatively modest, leaving WTI essentially flat to slightly lower Friday morning.
• Brent’s TradingView continuous contract is approximately US$88.50 per barrel, down $1.20, or 1.3%, from Thursday’s $89.70 settlement. However, Friday is the expiry date for the October ICE Brent contract, making the apparent decline larger because TradingView’s continuous series is transitioning to the next delivery month.
• Oil remains on course for a substantial weekly decline despite Thursday’s rebound. Reuters calculates Brent is down about 5.1% for the week and WTI about 4.5%, as tentative progress toward restoring Strait of Hormuz shipping has reduced the geopolitical risk premium.

Latest Oil Prices

Oil prices are slightly to moderately lower Friday morning, with traders balancing continuing tensions between the United States and Iran against signs that some additional oil is moving out of the Persian Gulf.

At approximately 5:30 a.m. MDT, TradingView’s WTI crude futures page showed its NYMEX continuous contract at US$83.28 per barrel, down 0.23% on TradingView’s 24-hour comparison.

Thursday’s official WTI settlement was $83.53, according to Reuters, meaning WTI is approximately 25 cents, or 0.3%, lower this morning. WTI had jumped $1.30, or 1.6%, Thursday as hopes for an imminent diplomatic breakthrough with Iran faded.

TradingView’s Brent crude futures page showed its continuous contract around US$88.50 per barrel, compared with Thursday’s official Brent settlement of $89.70.

There is an important qualification to today’s Brent comparison. The October ICE Brent contract expires today, August 28, and TradingView’s continuous series is rolling toward the next contract. Reuters was still quoting Brent around $89.66 at 3:43 a.m. MDT, only four cents below Thursday’s settlement. Consequently, part of the difference between TradingView’s $88.50 continuous price and Thursday’s $89.70 settlement reflects contract rollover rather than a $1.20 collapse in the same Brent contract.

Why Oil Is Moving

The dominant story remains the Strait of Hormuz.

Oil rallied Thursday after reports that U.S. President Donald Trump was not interested in returning to the terms of the June ceasefire memorandum with Iran. That reduced expectations for an immediate diplomatic agreement capable of rapidly restoring Persian Gulf oil exports.

Friday’s market is more subdued as traders digest evidence that Gulf exports are nevertheless gradually recovering.

Reuters reports that Goldman Sachs estimates Gulf exports have recovered to approximately 15 million to 16 million barrels per day. That is still 7 million to 8 million bpd below pre-war levels, but 5 million to 6 million bpd above the March low.

That improvement is one reason crude has surrendered much of last week’s rally.

Key Market Risks and Catalysts

Shipping through Hormuz remains highly inconsistent. Only seven commodity vessels crossed Thursday, down from 17 Wednesday and below the recent 10-day average of 15. Before the conflict, the Strait handled roughly 20% of global oil supply.

Diplomacy is another critical variable. Qatar’s prime minister met senior Iranian officials Thursday and pressed for a return to open navigation through Hormuz. Iran has indicated it could permit safe passage through a designated corridor if certain conditions are met, but fundamental disagreements with Washington remain unresolved.

Another potentially significant longer-term development is emerging from Venezuela. Reuters reports that the Trump administration is working on an arrangement that could provide the United States with long-term access to part of Venezuela’s enormous crude reserves. Venezuela is also reportedly considering leaving OPEC. Either development could eventually alter global oil supply expectations.

Russian supply also remains a risk after Ukraine reported striking an oil refinery in Russia’s Yaroslavl region overnight.

Bottom Line

Oil is relatively stable to moderately lower Friday morning, but the more important story is the week’s performance.

Despite Thursday’s strong rebound, Brent is heading toward a roughly 5.1% weekly decline and WTI approximately 4.5%, according to Reuters.

The market has removed some of the geopolitical premium accumulated during the previous two weeks as Gulf exports recover and discussions continue over a Hormuz shipping corridor. But with vessel traffic still far below normal and Washington and Tehran no closer to resolving their broader dispute, Middle East supply risk remains capable of producing another rapid move in crude prices.

Note: Brent requires particular caution today because the October ICE contract expires August 28. TradingView’s continuous Brent series is transitioning contracts, so its displayed price should not be treated as a like-for-like comparison with Thursday’s October Brent settlement.