Brent crude settled at $93.61 per barrel and WTI at $86.47 on August 21 after weekly gains of 5.8% and 4.8% respectively. US Treasury Secretary Scott Bessent stated plans for the toughest sanctions in history on Iran, following the July 13 re-imposition of a shipping blockade and expiration of the prior nuclear framework. Iranian crude exports and offers to Chinese buyers declined after mid-July with no supertanker transits of the Strait of Hormuz recorded since then.