Crude Oil & Natural Gas Prices update This Week: WTI, Brent Analysis (58 chars)
Oil Steadies, Natural Gas Hits Five-Week High as Hormuz Risk Premium Persists
Crude oil held near recent levels this week while U.S. natural gas climbed to its highest point in five weeks, as traders weighed ongoing Strait of Hormuz supply disruptions against record domestic gas production. Here is a verified round-up of the week's energy market moves, sourced from CNBC, Forbes Advisor, the U.S. Energy Information Administration (EIA), Trading Economics and the American Gas Association.
Crude Oil: WTI, Brent Ease as Sanctions Loom
West Texas Intermediate (WTI) futures opened at $83.54 per barrel on August 28, 2026. Brent crude, the international benchmark, opened at $89.31 per barrel and fell 1.49% over the prior 24 hours to $87.98 per barrel.
Earlier in the week, oil prices dropped further after Washington unveiled a global sanctions plan targeting Iran. On August 24, WTI declined about 2.5% to $84.89 per barrel, while Brent lost 2.5% to $92.06 per barrel. Analysts at CBA said Brent could trade between $70 and $100 a barrel in the second half of 2026, with prices likely to soften toward the lower end if oil flows through the Strait of Hormuz recover even partially.
Over the past year, Brent has ranged between a 52-week high of $120.88 (April 30, 2026) and a 52-week low of $58.66 (December 16, 2025).
EIA outlook: The agency's August Short-Term Energy Outlook forecasts Brent to average around $85 per barrel in the third quarter of 2026, citing continued Strait of Hormuz transit constraints. As Middle East production normalizes toward early 2027, EIA expects Brent to gradually ease to an average of $69 per barrel in 2027. U.S. commercial crude inventories are expected to stay below the five-year (2021–2025) low through the end of 2026, supported by higher exports and reduced imports.
Natural Gas: Prices Near Five-Week High on Tight Storage Build
U.S. natural gas fell to $2.88 per MMBtu on August 28, 2026, down 1.15% from the previous session, according to Trading Economics. Even with the daily dip, prices are up 5.82% over the past month, though still 3.89% lower than a year ago.
Gas has held near $2.90/MMBtu, its highest level in five weeks, after EIA data showed energy firms added just 15 Bcf to storage for the week ended August 21 — below both the 20 Bcf forecast and the 33 Bcf five-year average for the period. Forecasts for record-high Southwest temperatures through the weekend, and above-average heat expected across nearly the entire U.S. from September 1–10, have kept cooling-driven demand elevated.
Offsetting the price support, Lower 48 natural gas production has continued to set records, averaging 111.4 Bcf/day so far in August, up from 110.7 Bcf/day in July. Average gas flows to the nine major U.S. LNG export facilities eased slightly to 17.1 Bcf/day this month from 17.2 Bcf/day in July, though early signs of a recovery in LNG demand are emerging.
EIA outlook: The agency's August STEO lowered its full-year 2026 Henry Hub price forecast to $3.44 per MMBtu, down more than 6% from its July estimate of $3.67, citing record production against recovering LNG exports and winter demand.
Key Takeaways
- WTI: $83.54/bbl (Aug 28 open); Brent: $89.31/bbl (Aug 28 open), down 1.49% intraday to $87.98/bbl
- Brent fell to $92.06/bbl and WTI to $84.89/bbl on Aug 24 after new U.S. sanctions on Iran were announced
- Natural gas: $2.88/MMBtu (Aug 28), near a five-week high around $2.90/MMBtu
- U.S. gas storage build of 15 Bcf came in below both forecast and five-year average, supporting prices
- Record Lower 48 gas production (111.4 Bcf/day) continues to cap upside
- EIA 2026 forecasts: Brent ~$85/bbl in Q3 2026; Henry Hub full-year average revised down to $3.44/MMBtu
Sources: CNBC (cnbc.com), Forbes Advisor (forbes.com), U.S. Energy Information Administration – Short-Term Energy Outlook and Natural Gas Weekly Update (eia.gov), Trading Economics (tradingeconomics.com), American Gas Association (aga.org). Data as of August 27–28, 2026.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment, trading, or financial advice. Commodity prices such as crude oil and natural gas are highly volatile and can change rapidly due to geopolitical events, weather, and supply-demand shifts. Readers should verify current prices from official exchanges (NYMEX, ICE) or their broker before making any trading or investment decisions, and consult a licensed financial advisor where appropriate. The publisher is not responsible for any financial loss arising from the use of this information.
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