Oil prices climbed for a third consecutive session on Tuesday, August 18, as hopes for a new peace agreement between the United States and Iran weakened, raising concerns over prolonged disruptions to global energy supplies.
Brent crude futures rose by 35 cents, or 0.39%, to $91.22 per barrel, while US West Texas Intermediate (WTI) crude increased by 81 cents, or 0.96%, to $85.31 per barrel.
Both benchmarks reached their highest levels in nearly three weeks during the session, with Brent touching its strongest level since July 30 and WTI reaching its highest since July 31.
Analysts said the decline in prospects for extending the US-Iran ceasefire and continued security concerns around the Strait of Hormuz were supporting oil prices.
Iran has indicated that it could adopt a more offensive military posture after diplomatic efforts toward a permanent end to the conflict stalled. Washington has also ruled out extending the temporary ceasefire agreement.
The Strait of Hormuz remains a major concern for energy markets because of its importance to global oil transportation. Recent attacks have reduced the number of vessels crossing the strategic waterway to single digits, according to tracking data.
Saudi Aramco has resumed some oil loadings from inside the Strait of Hormuz and is offering cargoes through ship-to-ship transfers near Fujairah in the United Arab Emirates.
Meanwhile, Iran has been negotiating with Oman over an agreement to manage the Strait of Hormuz. US President Donald Trump, however, has responded to the talks with threats against Oman.
Analysts warned that continued uncertainty could keep oil prices elevated into the fourth quarter of 2026 and potentially into 2027 if no agreement is reached.
Separately, Yemen's Houthi group said it had launched missile attacks against vessels in the Red Sea that it described as a Saudi military ship and four accompanying vessels.
The developments have increased concerns about the security of key shipping routes and the potential for further disruption to global oil supplies.
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