Brent Crude Ends Week Down More Than 8 Percent Despite Friday's One Dollar Gain

Brent crude settled up $1.06 (1.3 percent) at $83.55 a barrel in Friday, August 7, 2026 trading, and US West Texas Intermediate rose 89 cents (1.15 percent) to $78.18, Bourse News reported. The gains were not enough to offset earlier weekly losses, and Brent ended the week down more than 8 percent while WTI fell over 7 percent, a decline driven by traders' hopes for a reopening of the Strait of Hormuz. Iran's foreign ministry spokesperson said around the same time that there are no direct talks with the United States under way, and that consultations with Oman are focused on setting a temporary route to secure safe shipping through the strait. Data showed only eight vessels transited the Strait of Hormuz on Thursday, August 6. Citigroup raised its third quarter Brent price forecast to $80 a barrel from $75, while Goldman Sachs said it expects Brent to stay in an $80 to $90 range, with prices potentially rising to $120 a barrel if the strait remains closed for a longer period.