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Global Oil Prices Extend Rally to 6th Day Amid Middle East Tensions

Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-08-21

Crude oil prices climbed for the sixth consecutive session as U.S. sanctions on Iran and supply concerns in the Middle East pushed Brent above $94 per barrel.

What Happened

Oil Price Rally: Global oil prices continued their upward trajectory for the sixth straight session, driven by escalating geopolitical tensions in the Middle East. Brent crude settled at $94.39 per barrel, marking a 0.65% increase on the day.

U.S.-Iran Tensions: The market is reacting to heightened U.S. pressure on Iran, including warnings of potential sanctions against countries trading with Tehran. Iran has vowed a destructive response, further fueling concerns over regional stability.

Supply Chain Disruptions: Concerns over supply are intensifying as oil shipments through the Strait of Hormuz have significantly declined. Data indicates that the number of commodity vessels passing through the strait has dropped to half of previous levels.

Market Performance: Both Brent and WTI crude reached their highest levels since July 24, with weekly gains exceeding 6% for both benchmarks. Investors remain cautious as the standoff between the U.S. and Iran continues to disrupt energy logistics.

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