Friday, August 21, 2026

Business News

Oil holds near $94 as US-Iran conflict keeps supply fears high

Oil prices remained elevated on Friday, with Brent crude hovering close to $94 a barrel as the continuing US-Iran conflict kept Middle East supply risks firmly in focus and put crude on course for a second consecutive weekly gain.

TAS News Service

info@thearabianstories.com

Friday, August 21, 2026

Muscat: Brent crude futures edged up 4 cents, or 0.04 percent, to $93.82 a barrel as of 01:42 GMT, while US West Texas Intermediate (WTI) crude slipped 6 cents, or 0.06 percent, to $86.78 a barrel.

Despite the limited movement in early trading, oil markets have recorded strong gains during the week as the unresolved conflict between the United States and Iran continues to disrupt energy supplies and shipping flows from the Middle East.

Over the past five sessions, Brent has climbed more than 7 percent, while WTI has gained more than 8 percent, with both benchmarks reaching their highest levels since July 24.

The rally followed gains of more than 2 percent for both benchmarks in the previous session, as heightened geopolitical tensions and concerns over key regional supply routes continued to support crude prices.

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