Brent Crude Price Hits $93.82 as US-Iran War Disrupts Supply
The crude oil price has risen for the second consecutive week, reaching $93.82 per barrel for Brent crude futures on August 21, 2026. This increase is attributed to ongoing supply disruptions caused by the stalemated US-Iran war, which has reduced available barrels in the global market.
Iran's significant crude production and ongoing conflict-related supply disruptions have kept a floor under prices. Additionally, a Gulf diplomatic deadlock has lifted Brent prices to one-month highs, generating second-order inflation concerns across global markets.
The impact of this oil price hike is particularly concerning for India, which imports over 85% of its crude requirement. A Brent price of $93.82 per barrel is expected to widen the current account deficit, compress oil marketing company margins if retail prices are not raised, and raise transportation and logistics costs that feed into CPI inflation.