Oil Slips as Hormuz Supply Risk Eases and Persian Gulf Exports Climb

US crude oil (WTI) fell to around 83.3 dollars a barrel on Friday, August 28, 2026 (6 Shahrivar 1405), down roughly 0.2 percent from the previous day and about 4 percent for the week, according to Trading Economics. The decline reflects traders increasingly viewing Iran's standoff as an economic and sanctions confrontation rather than a threat to physical oil supply, while improving flows through the Strait of Hormuz and a proposed Iran-Oman corridor have further reduced the perceived supply risk.

Citing a Goldman Sachs estimate published the same day, Trading Economics reported Persian Gulf oil exports have climbed to around 15 to 16 million barrels per day, a level still well below the pre-conflict range of 22 to 24 million barrels per day but far above the low of roughly 5 to 6 million barrels per day recorded in March 2026. Iran and Oman have agreed on a revenue-sharing framework for the strait, though Tehran has stressed the deal does not mean an immediate reopening of the route.