09:31 - 21.08.2026

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August 21, Fineko/abc.az. Oil prices traded flat on Friday but remained positioned for a second consecutive weekly gain as the US-Iran conflict disrupts Middle Eastern crude supplies.

Over the last five trading sessions, Brent crude surged to $93.82 while US WTI climbed to $86.78 per barrel, marking gains of over 7% and 8% respectively—their highest levels since July 24.

The rally is driven by fears of supply cuts from major producers including Saudi Arabia, Iraq, the UAE, and Kuwait. Escalating tensions following the end of a previous ceasefire, Donald Trump’s threats of unprecedented economic warfare against nations supporting Iran, and the UAE halting financial transactions with Iran have further fueled market anxiety. Tanker traffic through the crucial Strait of Hormuz has plummeted, with only 9 vessels passing through on Wednesday.