{
  "id": 2296508,
  "title": "Oil set for second weekly rise as unsettled US-Iran war crimps supply",
  "url": "https://urgent.news/2026/08/21/oil-set-for-second-weekly-rise-as-unsettled-us-iran-war-crimps-supply-2296508",
  "topic": "world",
  "section": "World",
  "published": "2026-08-21T03:32:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/oil-set-for-second-weekly-rise-as-unsettled-us-iran-war-crimps-supply/"
  },
  "original_language": "en",
  "account": "Oil prices have been relatively stable on Friday, but are poised for a second consecutive weekly increase as the ongoing U.S.-Iran conflict continues to impact supply from the crucial Middle East oil-producing region. Brent crude futures increased by 4 cents to $93.82 a barrel, up 2.4% from the previous session, while U.S. West Texas Intermediate crude futures fell by 6 cents to $86.78 a barrel, after climbing 2.3% the day before. Over the past five days, Brent prices surged more than 7% and WTI rose over 8%, reaching their highest level since July 24. The price surge is driven by worries that the unresolved U.S.-Israeli war with Iran will result in continued supply reductions from major oil exporters such as Saudi Arabia, Iraq, the UAE, and Kuwait. The previous peace agreement between the parties expired this week without either side attempting to resume negotiations, and President Donald Trump has threatened economic retaliation against nations supporting Iran. Analyst Tony Sycamore from IG noted that \"Both sides are dug in but lacking the luxury of time to play the waiting game, against a backdrop of crude prices grinding unerringly higher.\" On Wednesday evening, Trump warned of \"economic warfare and isolation on an unprecedented scale\" against Tehran, threatening consequences for any country providing \"any type of lifeline to Iran.\" The United Arab Emirates has suspended all financial and economic dealings with Iran until further notice, underscoring the strained relations between the prominent Gulf Arab oil producer and Tehran. The Iran war, which began on February 28 with U.S. and Israeli military strikes on Iran, has claimed thousands of lives. Since then, Tehran's blockade of the Strait of Hormuz and Iranian attacks on energy infrastructure in the Middle East have disrupted global oil and gas flows. As of Wednesday, shipping traffic through the Strait of Hormuz remained unchanged from the previous day, with only nine vessels passing through, significantly lower than pre-war levels. Before the Iran war, approximately one-fifth of global oil consumption was transported through the Strait of Hormuz.",
  "summary": "Oil prices were little changed on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt supply from the key Middle East-producing region.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "Oil set for second weekly rise as unsettled US-Iran war crimps supply",
        "url": "https://urgent.news/2026/08/21/oil-set-for-second-weekly-rise-as-unsettled-us-iran-war-crimps-supply-2281961",
        "published": "2026-08-21T02:49:30.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}