‎Oil prices fall but head for weekly gains of more than 7%

‎<p ><img src="https://argaamplus.s3.amazonaws.com/1de16169-5e2b-4da0-8146-4d122a6fca04.png" ></p> <p class="ckeCaption" ><!--StartFragment-->Oil drilling rigs<!--EndFragment--></p> <hr> <p >Oil prices fell in Friday’s trading but were heading for weekly gains of more than 7% amid the ongoing US-Iran war, which is disrupting supplies from the Middle East.</p> <p ></p> <p >BMI, a Fitch Solutions company, said it is reviewing its Brent crude price forecast for the current month, adding that risks to the outlook are “tilted to the upside” due to Iran’s closure of the Strait of Hormuz and the US naval blockade of Iran, Reuters reported.</p> <p ></p> <p >Markets are awaiting US oil and gas rig count data from Baker Hughes later today, Aug. 21, to assess the outlook for US supplies.</p> <p ></p> <p><strong>Changes in benchmark crude futures</strong></p> <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > <p ><strong>Crude</strong></p> </td> <td > <p align="center" ><strong>Price ($/bbl)</strong></p> </td> <td > <p align="center" ><strong>Change ($)</strong></p> </td> <td > <p align="center" ><strong>Change (%)</strong></p> </td> </tr> <tr> <td > <p ><strong>Brent (October delivery)</strong></p> </td> <td > <p align="center" >93.18</p> </td> <td > <p align="center" ><span >(0.60)</span></p> </td> <td > <p align="center" ><span >(0.65%)</span></p> </td> </tr> <tr> <td > <p ><strong>Nymex (October delivery)</strong></p> </td> <td > <p align="center" >86.18</p> </td> <td > <p align="center" ><span >(0.65)</span></p> </td> <td > <p align="center" ><span >(0.75%)</span></p> </td> </tr> </tbody> </table> <p class="ckeCaption" >As of 8:16 am Makkah time.</p>

Publication

Argaam - UAE News · Trade Publication

Published

21st August 2026

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argaam.com

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