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ردیاب بحران ایران-خلیج فارس ۲۰۲۶
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strikeAug 18, 2026

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.

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  • 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 co

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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 – the international benchmark for oil prices – 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 “NEW US territory”. “The Naval Blockade remains in full force and effect”, the President said.

“The Hormuz Strait is open and operating. All water mines have been removed or detonated”. Concerns around shipping through the strait has remained high despite Trump’s 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 “no talks or conversations going on, or scheduled” with Iran. Meanwhile his US Special Envoy Jared Kushner, who is also the President’s son-in-law, said Iran is ”not showing any interest” in a deal proposed by the Trump administration.

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