2026.08.2819:55:25UTC+00Crude Oil Posts Weekly Loss

Crude oil fell to $83.40 a barrel on Friday, extending weekly losses to roughly 4%, as traders increasingly interpreted tensions with Iran as an economic and sanctions-driven dispute rather than an imminent threat to physical supply. The perceived supply risk was further eased by improving tanker flows through the Strait of Hormuz and progress on the proposed Iran–Oman transport corridor. Goldman Sachs estimated that Persian Gulf oil exports have risen to about 15–16 million barrels per day—still well below the pre-conflict range of 22–24 million barrels, but substantially higher than the March trough of roughly 5–6 million barrels per day. In parallel, Iran and Oman agreed on a revenue-sharing framework for the strait, though Tehran stressed this does not signal an immediate reopening. At the same time, the Trump administration has reportedly informed mediators that it does not plan to reinstate the terms of a preliminary agreement reached with Iran in June, which later collapsed.