Brent and WTI Head for a Weekly Loss Despite Escalating Iran-US Tensions

According to Oilprice.com energy writer Irina Slav, in a report published early Friday, August 28, 2026 (6 Shahrivar 1405), crude oil prices are on course for a second straight weekly loss even as no progress has been made toward peace between Iran and the United States. Citing Reuters, the report said Brent crude was trading at $89.17 a barrel at the time of writing, down 5.3 percent for the week, while West Texas Intermediate was at $83.19 a barrel, on course for a 4.3 percent weekly decline.

The report said the Wall Street Journal reported this week that the Trump administration has repeatedly told mediating parties it has no interest in returning to the terms of the ceasefire the US and Iran agreed in June 2026, a deal that did not last a month. White House spokeswoman Anna Kelly was quoted saying no talks with Iran are underway or scheduled, and that the "Economic Outcast" operation is continuing. The report added that the operation's effectiveness has been questioned by some observers, since cooperation from China, Iran's biggest trade partner, is a key condition, and Beijing has not cooperated so far.