RoydadNaft –  Brent crude futures fell 60 cents, or 0.67%, to $89.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 64 cents, or 0.77%, to $82.89.

Oil prices fell on Friday, August 28, 2026, and were on track to snap a two-week winning streak, even after settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran.

Brent crude futures were down 60 cents, or 0.67%, at $89.10 a barrel at 6:36 a.m. GMT. West Texas Intermediate crude futures fell 64 cents, or 0.77%, to $82.89.

Both benchmarks were poised to finish the week lower, with Brent down 5.3% and WTI off 4.3%.

“Despite diplomatic efforts hitting a roadblock, there are growing signs of additional oil flowing through the Strait of Hormuz,” ING analysts said in a note. “As the conflict persists, producers are adapting to the new realities and becoming increasingly comfortable navigating the strait.”

Goldman Sachs on Thursday, August 27, estimated recent total Gulf exports at 15 million to 16 million barrels per day, 7 million to 8 million bpd below pre-war levels but 5 million to 6 million above the lowest point in March.

Citing people familiar with the matter, The Wall Street Journal reported that the Trump administration has repeatedly told mediators it has no interest in reviving the June memorandum of understanding, complicating diplomatic efforts to restart talks.

Earlier on Thursday, Washington said it was not in talks with Iran despite diplomatic efforts by other countries to re-engage the two sides.

On Monday, August 24, the United States announced what it called the “toughest sanctions in history” on Iran. Tehran called the measures an “inhumane and hostile act” that had lost their effectiveness.

Geopolitical tensions also escalated after Moscow warned it could strike British military targets inside and outside Ukraine in response to Kyiv’s attacks on Russian territory using British-supplied long-range cruise missiles.

Trump, however, said Russian President Vladimir Putin will not attack a NATO country and downplayed media reports that CIA Director John Ratcliffe this week had warned Russian officials against such an attack. Britain is one of NATO’s founding members.