Why Are Oil Prices Rising As U.S. Pressure On Iran Intensifies

Brent crude and U.S. West Texas Intermediate futures edged lower during Friday trading, but Brent was still headed for a monthly increase of nearly 6%

, and TIPP Staff

August 21, 2026 . 8:05 AM

2 min read

Oil prices remained on track for a second straight weekly gain Friday as uncertainty over shipping through the Strait of Hormuz continued to support crude markets.

Brent crude and U.S. West Texas Intermediate futures edged lower during Friday trading, but Brent was still headed for a monthly increase of nearly 6%. The international benchmark settled above $93 a barrel Thursday, its highest level since July 24.

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The market has reacted to tougher U.S. rhetoric toward Iran. Treasury Secretary Scott Bessent told CNBC that Washington plans to impose the “toughest sanctions in history,” following President Donald Trump’s warning of a “crushing” economic campaign against Tehran.

According to Rystad Energy, the lack of diplomatic progress is prompting traders to price in a potential failure of negotiations. Shipping through Hormuz remains severely disrupted following deadly attacks, adding to supply concerns.

The report said refined fuel markets face even greater pressure, with diesel margins reaching record levels amid fears of shortages, strong demand and limited inventories.

Related Tweet:

Oil prices head for second weekly rise as U.S. vows to turn up economic pressure on Iran https://t.co/sp903ZWG4C
— CNBC (@CNBC) August 21, 2026

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