Middle East Tensions Spark Oil Price Decline on August 28

Oil prices fell sharply on August 28 as markets continued to monitor developments in the Middle East. The decline snapped a two-week winning streak for Brent crude and West Texas Intermediate (WTI) futures.

Brent crude futures declined by $0.25, or 0.3%, to $89.45 per barrel, while WTI futures slipped by $0.22, also 0.3%, to $83.31 per barrel.

Both benchmarks are set to close the week lower, with Brent down about 5.3% and WTI lower by 4.3%. The decline is attributed to the ongoing tensions in the Middle East amid stalled talks between the United States and Iran.