Oil prices climb again as Iran tensions fuel supply fears
Brent crude climbed above $90 as traders weighed the risk of renewed attacks on tankers and tighter shipments through the Strait of Hormuz.
- On Monday, August 17, 2026, President Donald Trump allowed the 60-day U.S.-Iran memorandum of understanding to expire without extension, formally stalling peace negotiations and intensifying geopolitical tensions in the Strait of Hormuz.
- Efforts to negotiate a permanent end to the conflict collapsed as Iran announced a shift to a "fully offensive" military posture, with the June 17 agreement failing to produce a lasting diplomatic resolution.
- A vessel transiting the Strait of Hormuz was struck by an "unknown projectile" on Tuesday, causing damage and a crew casualty, while Brent crude prices surged near $91 a barrel.
- Rising U.S. Treasury yields and elevated energy costs weighed on global investor sentiment; Indian equity benchmarks declined for the fifth consecutive session as foreign institutional investors offloaded equities.
- During a Fox News interview, President Trump threatened to bomb Oman if the nation interfered with Washington's Hormuz strategy, leaving analysts to observe a lack of clear diplomatic pathways for resolving the crisis.
146 Articles
146 Articles
Oil prices rise as Trump cuts off talks with Iran
Oil prices hit their highest level in weeks after US President Donald Trump cut off talks with Iran for the foreseeable future on Tuesday, and Tehran said the Strait of Hormuz would remain shut amid stalled negotiations. US retail gas prices hit their highest-ever August levels this week, but “the global economy’s apparent success in adapting to the [strait’s] closure suggests the US can afford to wait,” Eurasia Group analysts wrote. While a sma…
The naval blockade remains fully in force. The Strait of Ormuz is open and operational. All sea mines have been removed or detonated.
Oil prices are rising again as a 60-day deadline for a peace deal between Iran and the United States expired. Brent crude climbed above $90 a barrel for the first time this month, as Iran said it would adopt a belligerent stance and be ready for escalation in the Strait of Hormuz, where a tanker was attacked on Tuesday. But Donald Trump, who on Monday called on Iran to raise the white flag, is now saying the Strait of Hormuz is open and oil pric…
'Presidency-ending scandal' flagged by expert: 'Should be huge'
President Donald Trump doubled down on his threat to annex the Strait of Hormuz as a U.S. territory – which an expert flagged as a violation of international law.The 80-year-old president first suggested the idea of taking control of the Persian Gulf waterway, which is located in the territorial waters of Iran and Oman, at a campaign-style event on Friday and then claimed Monday the U.S. already controlled it, and he posted a map Tuesday morning…
Oil prices hit highest level since JulyOil prices rose on fears of supply disruptions after Iran's statements of offensive posture and U.S. refusal to continue agreement. Brent reached $90.94, WTI at $85.03 per barrel.
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