Brent Closes at $94.39, WTI at $87.06: What’s Next After a Strong Week for Oil?
Oil prices are awaiting the resumption of trading after the weekend, after futures ended the Friday, August 21 session higher and posted strong weekly gains. Brent crude futures settled at $94.39 a barrel, while U.S. West Texas Intermediate, or WTI, finished at $87.06 a barrel, as concerns persisted over Iranian oil supplies and shipping through the Strait of Hormuz.
Brent gained 6.39% over the week, while WTI rose 5.66%, taking both benchmarks to their highest levels since July 24. With major markets closed on Sunday, August 23, these figures represent the latest available closing prices, not real-time prices.
Brent crude futures closed Friday at $94.39 a barrel, compared with $87.06 for U.S. West Texas Intermediate. Brent gained 6.39% over the week, while WTI advanced 5.66%. With markets closed for the weekend, attention is turning to how futures respond when trading resumes to developments involving Iran and the Strait of Hormuz.
At a glance
- Brent crude closed Friday at $94.39 a barrel.
- U.S. West Texas Intermediate ended the session at $87.06 a barrel.
- Brent gained 6.39% over the week.
- WTI posted a weekly gain of 5.66%.
- Both benchmarks reached their highest levels since July 24.
- Disruptions to some Iranian oil flows remained a key factor in supply calculations.
- Tanker traffic through the Strait of Hormuz remained below normal levels.
- Iran allowed a number of Iraqi oil tankers to pass through the strait following requests from Baghdad.
Oil prices in the latest session
| Benchmark | Latest Close | Weekly Change |
|---|---|---|
| Brent crude | $94.39 a barrel | +6.39% |
| West Texas Intermediate (WTI) | $87.06 a barrel | +5.66% |
Note: The prices reflect the close of trading on Friday, August 21, and are not real-time Sunday prices. Figures displayed by market-data platforms may vary depending on the contract, update time and pricing instrument used.
Why did oil prices rise during the week?
Oil futures ended the week higher amid continued uncertainty over Middle East supplies. Prices rose on Friday after U.S. President Donald Trump threatened economic sanctions against countries that continue trading with Iran, adding to market concerns about further restrictions on supplies.
According to Reuters oil-market data following Friday’s session, Brent and WTI ended the week at their highest levels since July 24, while Iranian supply flows and shipping through the Strait of Hormuz remained under pressure.
Political tensions are not the only factor determining prices. The market is also weighing supplies available from other producers against the amount of oil that could be prevented from reaching consumers if restrictions on regional flows persist.
Strait of Hormuz returns to the center of market calculations
The Strait of Hormuz remains a key focus for oil markets because of its importance to energy exports from the Gulf. With disruptions continuing, shipping through the waterway has remained below normal levels, increasing the sensitivity of prices to further developments.
Energy developments are also part of the broader picture being watched by markets alongside movements in the U.S. dollar and U.S. inflation, as higher energy costs could again influence inflation expectations and monetary policy.
In the latest development over the weekend, Iran authorized a number of Iraqi oil tankers to pass through the strait after repeated requests from Baghdad, according to Reuters, citing Iran’s official news agency.
Allowing specific Iraqi tankers to pass does not mean shipping has fully returned to normal, but it represents a new development that traders are likely to consider when the market reopens.
Iranian oil faces tighter constraints
Developments in the Strait of Hormuz are taking on added significance amid pressure on Iranian oil exports. Volumes offered to Chinese buyers have fallen as U.S. restrictions affect Tehran’s ability to market and ship its crude.
According to data reported by Reuters, citing market sources, Iranian exports fell to about 534,000 barrels per day in August, compared with an average of around 1.4 million barrels per day in 2025.
Volumes of Iranian oil held in floating storage outside the blockade area also fell from about 105 million barrels to roughly 80 million barrels, reflecting a decline in some supplies available to the market.
The figures are significant because China is the main buyer of seaborne Iranian crude, prompting some refiners to seek alternative supplies when availability declines.
Can other producers ease the supply pressure?
Against the risks surrounding Iran, other sources of supply could limit the impact of shortages on the global market. Reuters data pointed to U.S. shale production and increased exports from the United Arab Emirates and Venezuela as sources of alternative supply.
The market’s ability to find alternatives is one reason the relationship between supply disruptions and prices is not linear. A decline in exports from one producer does not necessarily result in a comparable increase in prices if buyers can obtain replacement barrels elsewhere.
That makes actual oil flows more important to watch than political statements alone, particularly if restrictions on Iranian shipments persist.
What does Brent’s 6.39% weekly gain mean?
Brent’s 6.39% weekly increase reflects a clear repricing of supply risks, but it does not by itself indicate the direction prices will take in the new week.
After rapid moves, futures can respond to changes in supply expectations, tanker movements or sanctions, while increased output from other producers could limit upward pressure.
The same applies to WTI, which gained 5.66% over the week. Although both benchmarks moved in the same direction on a weekly basis, each remains a separate benchmark contract with its own price and market characteristics.
Why do oil prices matter for inflation and global markets?
The significance of higher oil prices extends beyond the cost of a barrel. Persistently elevated energy prices can feed into transportation, production and goods costs. That is why the relationship between oil and food prices and the risk of renewed inflationary pressures remains part of the broader picture monitored by investors.
A repricing of inflation expectations can also affect interest-rate and yield expectations, linking energy-market movements to currencies, equities, metals and debt markets.
$7.33 separates Brent and WTI
The arithmetic difference between the latest Brent and WTI closing prices was about $7.33 a barrel, based on Brent at $94.39 and WTI at $87.06.
The spread does not independently predict the direction of oil prices. It reflects the prices of two different benchmarks influenced by factors including delivery locations, transportation conditions and regional supplies.
The price spread should also not be confused with the daily or weekly percentage change in either contract, as each measure captures a different aspect of the market.
Three numbers that sum up the oil market
$94.39: Brent crude’s latest closing price.
$87.06: WTI’s latest closing price.
6.39%: Brent’s gain for the week ended August 21.
Higher oil puts gold and bonds in focus
Crude prices take on additional significance when investors view markets as an interconnected system. If higher energy costs strengthen inflation expectations, interest-rate and yield expectations could shift, with implications for assets sensitive to financing costs.
Gold is among those assets, with movements in gold, the Federal Reserve and global markets linked to expectations for interest rates, yields and the dollar, alongside other risk factors.
In debt markets, any change in inflation and interest-rate expectations can affect yields and financing costs, a sensitivity also reflected in bond markets and borrowing costs.
What are investors watching when trading resumes?
The first test for the market will be how it absorbs developments since Friday’s close, particularly Iran’s decision to allow some Iraqi oil tankers to pass through the Strait of Hormuz and continuing tensions over U.S. sanctions on Iran.
Actual tanker movements will also remain important. If transit rates increase and move closer to normal levels, the market’s assessment of supply risks could change. Continued restrictions or further disruptions, however, could keep the issue at the forefront of futures pricing.
Traders will also monitor the ability of other suppliers to replace affected volumes, as well as any new developments in U.S. policy toward countries that continue trading with Iran.
Oil prices head into a new week after strong gains
Oil prices enter the period before trading resumes at levels well above those seen at the start of the previous week. Brent closed at $94.39 and WTI at $87.06, after weekly gains of more than 6% and 5%, respectively.
The next move, however, will not be determined by previous closing prices alone. The market will reassess developments in the Strait of Hormuz, the volume of Iranian exports, U.S. policy toward Tehran and the extent to which alternative supplies can offset any shortfall.
At the same time, global markets will be watching the relationship between inflation, the dollar and energy prices, as persistently higher crude prices could add another variable to the monetary-policy outlook.
The latest prices therefore remain a reference point ahead of the market reopening, rather than an indication of how futures will move when the next session begins.
Frequently Asked Questions
What was Brent crude’s latest closing price?
Brent crude closed the Friday, August 21 session at $94.39 a barrel, according to the latest closing data. The benchmark gained 6.39% over the week, reaching its highest level since July 24 alongside WTI. The figure is not a real-time Sunday price because major oil markets are closed for the weekend.
What was the latest WTI price?
West Texas Intermediate ended the latest session at $87.06 a barrel, posting a weekly gain of 5.66%. WTI and Brent should be treated separately because they are distinct crude benchmarks and contracts. The arithmetic difference between their latest closing prices was about $7.33 a barrel.
Why did oil prices rise this week?
The gains coincided with mounting concerns over Iranian supplies and shipping through the Strait of Hormuz, as well as U.S. threats of additional economic sanctions against countries trading with Tehran. The market is also monitoring whether other sources, including U.S. production and exports from additional producers, can provide replacement barrels and limit the impact of disrupted supplies.
Is the Strait of Hormuz open to oil tankers?
Shipping through the strait has not returned to normal levels, according to the latest available information. In a weekend development, Iran allowed a number of Iraqi oil tankers to pass following requests from Baghdad. The move applies to tankers that received authorization and does not by itself indicate that transit for all oil tankers through the strait has returned to normal.
Could oil prices change when the market opens?
Yes. Brent at $94.39 and WTI at $87.06 represent the latest available closing prices, not real-time weekend quotations. When futures trading resumes, prices can respond to information and developments that emerged after Friday’s close, as well as changes in supply and demand expectations and risks affecting oil flows.
