Brent Tops $93 in a Fifth Straight Day of Gains Amid the US-Iran Impasse

Brent crude rose 1.95 percent to 93 dollars and 48 cents a barrel in early European trade on Thursday, August 20, 2026 (29 Mordad 1405), hitting a three week high, while US West Texas Intermediate rose 2 percent past 85 dollars to trade at 86 dollars and 12 cents. According to Oilprice, it was oil's fifth consecutive day of gains, coming after Trump announced an "unprecedented" economic pressure campaign against Iran and threatened countries helping Tehran.

Concerns about stricter sanctions enforcement added to worries about supply risk in West Asia. Analysts said the crude market continues to underestimate the real supply disruption in fuel markets. Ole Hansen of Saxo Bank said the main stress is downstream, noting "crude is available, diesel is not." The US diesel crack spread hit triple digits for the first time ever this week, rising as high as 102 dollars a barrel on Monday.