What will WTI Crude Oil (WTI) hit Week of August 24 2026?
WTI crude oil prices have fluctuated near $85 per barrel in late August 2026, pulling back after a more than 5% weekly rally the prior session amid profit-taking and uncertainty over U.S. sanctions targeting Iran. Geopolitical tensions centered on restricted flows through the Strait of Hormuz—the route for roughly one-fifth of global oil supply—remain the dominant driver, with limited tanker traffic sustaining a risk premium even as some shipments resume. Treasury Secretary Scott Bessent’s announced measures to isolate Iran economically, alongside threats of penalties on third-party traders, have introduced fresh volatility without clarifying supply recovery timelines. Analysts note potential upside to $100+ if disruptions extend, while technical support clusters near $85 could limit near-term downside absent major policy shifts. Key near-term catalysts include detailed sanction implementation, Iranian responses, and updated flow data.