Oil Prices Drop as Iran Tensions Ease

Oil prices dropped on August 28, 2026, and are poised to end a two-week winning streak. The price of Brent crude futures fell by 60 cents or 0.67% to $89.10 a barrel at 0636 GMT, while West Texas Intermediate crude futures declined by 64 cents or 0.77% to $82.89.

The decline comes despite earlier reports that US President Donald Trump is not interested in revising the terms of the previous deal with Iran. However, analysts from ING noted that 'despite diplomatic efforts hitting a roadblock, there are growing signs of additional oil flowing through the Strait of Hormuz.'

Goldman Sachs estimated recent total Gulf exports at 15 million to 16 million barrels per day (bpd), which is 7 million to 8 million bpd below pre-war levels but 5 million to 6 million above the lowest point in March.