Oil Price Today (August 28): Crude oil falls over 5% this week despite Trump rejecting terms of Iran deal.
- Posted on August 28, 2026
- By Business News Today
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- 1 min read
In brief
Global energy markets experienced significant volatility this week as crude oil prices declined sharply amid geopolitical tensions. Brent crude fell to $89 per barrel while WTI dropped to $83, marking weekly losses exceeding 4%. Despite the Trump administration's rejection of Iran nuclear deal terms, which typically supports higher oil prices, bearish market sentiment prevailed. Analysts attribute the decline to broader economic concerns and demand uncertainties affecting international petroleum markets.
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Oil Price Today (August 28): Crude oil falls over 5% this week despite Trump rejecting terms of Iran deal.
Brent crude futures fell 50 cents, or 0.6%, to $89 a barrel, while West Texas Intermediate crude futures declined 42 cents, or 0.50%, to $83. Brent was on track to lose 5.3% for the week, while WTI was set to fall 4.3%.
