Brent Extends Gains

2026-08-18 14:53 By Agna Gabriel 1 min. read

Brent crude oil rose above $91 a barrel on Tuesday as uncertainty over the Strait of Hormuz continued to support prices.

Tensions remain elevated, with the US and Iran showing little sign of reaching an agreement over control of the key shipping route.

President Donald Trump said Washington is not currently holding or planning talks with Tehran, while confirming that the US naval blockade remains in place.

Despite his claim that Hormuz is open and mines have been cleared, shipping risks persist.

A vessel was reportedly attacked while leaving the strait, suffering engine-room damage and a crew casualty, according to UK maritime authorities.

Meanwhile, Gulf producers are finding alternative ways to maintain exports despite the disruption.

Saudi Arabia has begun offering crude cargoes sourced from outside the chokepoint, suggesting it may be adopting measures similar to the United Arab Emirates to move oil through or around the affected area.



News Stream
Brent Extends Gains
Brent crude oil rose above $91 a barrel on Tuesday as uncertainty over the Strait of Hormuz continued to support prices. Tensions remain elevated, with the US and Iran showing little sign of reaching an agreement over control of the key shipping route. President Donald Trump said Washington is not currently holding or planning talks with Tehran, while confirming that the US naval blockade remains in place. Despite his claim that Hormuz is open and mines have been cleared, shipping risks persist. A vessel was reportedly attacked while leaving the strait, suffering engine-room damage and a crew casualty, according to UK maritime authorities. Meanwhile, Gulf producers are finding alternative ways to maintain exports despite the disruption. Saudi Arabia has begun offering crude cargoes sourced from outside the chokepoint, suggesting it may be adopting measures similar to the United Arab Emirates to move oil through or around the affected area.
2026-08-18
Brent Extends Gains as Peace Prospects Dim
Brent crude climbed above $91 per barrel on Tuesday, rising for a third consecutive session as prospects for a new agreement between the US and Iran weakened after President Donald Trump said he was not interested in extending the interim peace deal. The memorandum of understanding signed in June, which was intended to give both sides 60 days to negotiate a longer-term peace agreement, officially expired on Monday. Meanwhile, Iran and Oman continue to negotiate an arrangement for managing shipping through the Strait of Hormuz, although the US is not involved in the talks. Washington is unlikely to back any deal that fails to ensure unrestricted passage through the strategically vital shipping route. At the same time, Middle Eastern producers appear to be becoming increasingly adept at covertly moving oil through Hormuz to global buyers while also supplying cargoes from outside the key chokepoint.
2026-08-17
Brent Crude Fluctuates on Monday
Brent crude oil fluctuated around $88.5 a barrel on Monday as traders weighed continued geopolitical tensions against signs that more oil is moving through the Strait of Hormuz than initially expected. Gulf producers appear to be maintaining substantial shipments from the Persian Gulf despite the ongoing conflict, helping to limit concerns over an immediate supply shock. Meanwhile, diplomatic efforts between Iran and the US remain stalled. President Donald Trump reportedly threatened military action against Oman if it interferes with the US blockade of Iranian vessels, although oil prices showed little reaction to the statement. At the same time, Iran and Oman appeared to be making progress toward an agreement on managing traffic through Hormuz, but the US has not been involved in those discussions. Washington is unlikely to support any arrangement that does not guarantee unrestricted passage through the strategic shipping route.
2026-08-17