World · 21 August 2026

Oil prices rise for a second week as US-Iran conflict restricts supply

The cost of Brent crude climbed more than 7% this week to around $93 a barrel after a temporary peace agreement ended. Donald Trump, the US president, has promised severe economic consequences for any nation that continues providing financial support to Tehran during the conflict. Just seven cargo vessels navigated the Strait of Hormuz on Thursday, exactly half the number seen the day before.

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