Israel attacks a Palestinian every 80 minutes (machine-translated headline from a Turkish-language source)
Crude prices cross $90 as ceasefire hopes dim, Hormuz disruption weighs on supply
Summary
Oil prices inched higher on Tuesday, with Brent crude surging past the $90-a-barrel mark as hopes of an early end to the Middle East war remained uncertain. Iran signalled a shift towards a more offensive military approach, while US ruled out extending the ceasefire, adding to concerns over the conflict's impact on energy supplies. Around 7:30 am IST, WTI crude was trading at $84.84 a barrel, up 34 cents or 0.40%, after gaining more than 1% earlier in the session to $85.37, its highest level since July 31. Brent crude stood at $91.08 a barrel, up 21 cents or 0.23%, after rising to its highest level since July 30 on Monday. The prospects of renewed peace talks and a return of oil tanker traffic through the Strait of Hormuz have stalled. A senior Iranian official told Reuters on Monday that Iran would move to a "fully offensive" military posture as attempts to negotiate a permanent end to the war with the US had stalled. Washington has also ruled out extending the temporary ceasefire agreement. The impact on shipping through the Strait of Hormuz has become increasingly visible. Kpler's ship-tracking data showed that just five commodity vessels passed through the strait on Saturday following attacks on tankers, while none were registered on Sunday. The previous weekend had seen 31 vessels transit the waterway, Reuters reported. Tensions have also spread to the Red Sea. Yemen's Houthis attacked what they described as a Saudi military ship along with four escort vessels using missiles, according to the group's military spokesperson Yahya Saree on Telegram. At the same time, Iran has been holding separate negotiations with Oman over an agreement to manage the Strait of Hormuz and said the two sides were close to reaching a deal. Trump responded by threatening to bomb Oman, which is a longstanding US security partner. There were some signs that diplomatic efforts could still continue, however, as media reports said Trump had begun back-channel discussions with the Islamic Revolutionary Guard Corps.
Actors involved
Sources
- TOI Business DeskBy TOI Business Desk
Oil prices inched higher on Tuesday, with Brent crude surging past the $90-a-barrel mark as hopes of an early end to the Middle East war remained uncertain. Iran signalled a shift towards a more offensive military approach, while US ruled out extending the ceasefire, adding to coā¦
See this event through different lenses
Compare how Western, Iranian, Israeli, Global South, and Pro-Peace perspectives frame this event.
Compare PerspectivesCommunity Notes
Community Notes
Loading notes...
Related events
TEHRAN: Iran's armed forces on Wednesday (Aug 19) warned Gulf countries against assisting the United States military, saying it would be tantamount to joining American military operations. "We wish to warn that any assistance or facilitation provided to the aggressor US military amounts to participation in the US military operation," armed forces chief of staff Ali Abdollahi said, according to Iran's Mehr news agency.
War between Iran and the US broke out on Feb 28 after US-Israeli attacks on the Islamic Republic, which retaliated with missile and drone strikes including on US bases across the region. "It seems unlikely that such a large number of military aircraft, particularly refuelling aircraft, could be present at regional bases without knowledge of host countries," said Abdollahi.
"The countries bordering the Persian Gulf, which have issued various statements saying they would not allow the US to use their territory against Iran, should know that we are fully aware of the situation." The warning comes as the USS George Washington aircraft carrier is being redeployed to the Middle East to relieve the USS Abraham Lincoln following reports of deteriorating living conditions for its crew.
The Iran conflict has highlighted divergences between the United States and Israel regarding the political conditions and timing for concluding military operations, despite extensive tactical coordination. While U.S. forces recently paused strikes as diplomatic efforts intensified, the episode suggests a lack of established mechanisms for managing escalation and campaign termination.
FTSE 100 Live: Stocks to fall as oil jumps after Trump claims Strait of Hormuz Welcome back to the City AM liveblog. Oil prices are surging higher for the fourth consecutive session after Donald Trump declared the Strait of Hormuz as US territory. Brent crude ā the international benchmark for oil prices ā was climbing towards $92 as there was little indication the narrow waterway was to be reopened, keeping pressure on supply.
It comes after Trump shared a crude map of the Middle East with a large blue circle over Hormuz on Truth Social as he declared the vital shipping route as āNEW US territoryā. āThe Naval Blockade remains in full force and effectā, the President said.
āThe Hormuz Strait is open and operating. All water mines have been removed or detonatedā. Concerns around shipping through the strait has remained high despite Trumpās claim that the waterway is open and mines have been cleared. Limited traffic has continued to pass through the strategic route while Iranian forces have intensified hostilities.
Eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month. In the US, crude inventories have fallen by 328,000 barrels over last week, following an over 9m barrel increase in the previous week.
Trump confirmed earlier this week that there are āno talks or conversations going on, or scheduledā with Iran. Meanwhile his US Special Envoy Jared Kushner, who is also the Presidentās son-in-law, said Iran is ānot showing any interestā in a deal proposed by the Trump administration.
Weāll be bringing you all the latest analysis and updates.