Brent Crude Oil Price, August 2026: Daily Prices
Brent crude averaged $91.08 per barrel in August 2026 and WTI $83.90 (EIA spot). On 20 August 2026, Brent spot closed at $94.00 and WTI spot at $89.75. Front-month Brent futures settled at $93.78 that day, up 2.4% (CNBC). Brent ranged from $86.47 on 4 August to $96.92 on 21 August, as stalled talks over reopening Hormuz gave way to a US sanctions campaign.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $91.08 | $96.92 (21 August) | $86.47 (4 August) | $88.90 (3 August) | $89.75 (28 August) | -7.4% |
| WTI (Cushing spot) | $83.90 | $89.75 (20 August) | $76.78 (5 August) | $81.96 (3 August) | $87.03 (31 August) | +1.0% |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
All prices on this page are EIA spot assessments: Brent is the physical North Sea price (see Dated Brent) and WTI is the Cushing, Oklahoma spot price. Since the Strait of Hormuz closed in March, physical Brent has often traded far above the front-month ICE Brent futures price quoted in news headlines, so a headline "Brent price" for a given day can be several dollars, at times more than $25, lower than the figures here.
Brent crude oil price on 20 August 2026
Brent spot closed at $94.00 per barrel on Thursday 20 August 2026, up $1.63 from $92.37 the previous day, according to the EIA. WTI spot closed at $89.75, the highest WTI close of the month. In futures, Brent settled at $93.78, up 2.4%, and October WTI rose 2.7% to $86.64, according to CNBC. WTI spot was above the October futures price because 20 August was the last trading day of the September contract, which still set the Cushing spot price. Oil rose after Treasury Secretary Scott Bessent said the US would impose the toughest sanctions in history on Iran, and after President Trump threatened Iran with what he called the most crushing economic operation ever taken against any country. Prices had been more than 3% higher earlier in the session.
August 2026 in numbers
August was relatively calm by 2026 standards, with a Brent range of $10.45. Brent spot opened at $88.90 and closed at $89.75 on 28 August, -7.4% for the month, while WTI ended +1.0% at $87.03 on 31 August. There was no Brent spot price on 31 August, a UK bank holiday. The EIA's October STEO reports Middle East crude shut-ins of 5.8 million b/d in August, down from 10.9 million b/d in May.
What moved oil in August 2026
- 3–7 August: post-July retreat. Both benchmarks fell more than 7% in the first week of August (Reuters). Brent spot reached its monthly low of $86.47 on 4 August and WTI $76.78 on 5 August.
- 10 August: Hormuz terms. Iran said a shipping-lane arrangement with Oman was in its final stages, but that the strait would reopen only after Washington met further conditions, including compensation for wartime losses. Uncertainty over timing lifted Brent about 1% (Reuters), and Brent spot rose to $92.74.
- Mid-August: UAE halts trade with Iran. The UAE halted all trade and financial transactions with Iran, increasing pressure on Tehran as commerce through the strait remained restricted.
- 20–21 August: sanctions threat. The Bessent and Trump statements lifted Brent futures 2.4% on 20 August. Brent settled at $94.39 on 21 August, up more than 5% for the week (CNBC). Brent spot hit its monthly high of $96.92 that day.
- 25 August: coercion instead of combat. Brent fell more than 3% to about $89. Saxo Bank's Ole Hansen described the shift from military confrontation to economic coercion as the reason. Brent spot fell to $88.24.
The full daily table below shows every EIA spot close for August, with the daily change in Brent and the Brent-WTI spread. For intraday moves use the Brent chart, and for live prices the Brent crude oil price and WTI crude oil price pages.
Daily Brent and WTI prices, August 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Mon 3 August | $88.90 | −8.05 | $81.96 | +6.94 |
| Tue 4 August | $86.47 | −2.43 | $77.33 | +9.14 |
| Wed 5 August | $86.65 | +0.18 | $76.78 | +9.87 |
| Thu 6 August | $89.65 | +3.00 | $78.88 | +10.77 |
| Fri 7 August | $87.62 | −2.03 | $79.77 | +7.85 |
| Mon 10 August | $92.74 | +5.12 | $83.76 | +8.98 |
| Tue 11 August | $93.26 | +0.52 | $84.77 | +8.49 |
| Wed 12 August | $92.52 | −0.74 | $84.97 | +7.55 |
| Thu 13 August | $92.03 | −0.49 | $82.77 | +9.26 |
| Fri 14 August | $92.02 | −0.01 | $83.99 | +8.03 |
| Mon 17 August | $92.43 | +0.41 | $86.04 | +6.39 |
| Tue 18 August | $95.29 | +2.86 | $86.48 | +8.81 |
| Wed 19 August | $92.37 | −2.92 | $87.28 | +5.09 |
| Thu 20 August | $94.00 | +1.63 | $89.75 | +4.25 |
| Fri 21 August | $96.92 | +2.92 | $87.21 | +9.71 |
| Mon 24 August | $92.71 | −4.21 | $86.34 | +6.37 |
| Tue 25 August | $88.24 | −4.47 | $83.90 | +4.34 |
| Wed 26 August | $87.77 | −0.47 | $83.46 | +4.31 |
| Thu 27 August | $90.18 | +2.41 | $84.81 | +5.37 |
| Fri 28 August | $89.75 | −0.43 | $84.57 | +5.18 |
| Mon 31 August | n/a | – | $87.03 | – |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
Previous and next month
← July 2026
Brent and WTI averages, highs, lows and drivers for July.
All of 2026
Monthly averages for every month of 2026 in one table.
September 2026 →
Brent and WTI averages, highs, lows and drivers for September.
August 2026 oil price FAQ
What was the Brent crude oil price on 20 August 2026?
Brent spot closed at $94.00 per barrel on 20 August 2026, according to the EIA. Front-month ICE Brent futures settled at $93.78, up 2.4%, per CNBC. Oil rose after the US Treasury Secretary promised the toughest sanctions in history against Iran.
What was the WTI price on 20 August 2026?
WTI spot at Cushing closed at $89.75 per barrel on 20 August 2026, its highest close of the month (EIA). The October WTI futures contract settled at $86.64, up 2.7%, per CNBC. The spot price was higher because it still reflected the expiring September contract.
What was the average Brent price in August 2026?
Brent spot averaged $91.08 per barrel in August 2026, based on 20 daily EIA prices, and WTI averaged $83.90. Brent ranged from $86.47 on 4 August to $96.92 on 21 August, a narrow range for 2026, as the US shifted from strikes to sanctions.
Why did oil rise in late August 2026?
Oil rose on 20–21 August 2026 after Treasury Secretary Scott Bessent said the US would impose the toughest sanctions in history on Iran and President Trump threatened a crushing economic campaign. Brent futures gained more than 5% that week, before falling back on 25 August.
Related pages
2026
Brent and WTI crude oil prices in 2026 month by month, with averages, highs and lows and the events driving oil this year, updated monthly.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.