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Oil Prices Rise for Fourth Straight Session Amid Rising Tensions in the Strait of Hormuz

Editorial staff
19 August 2026, 09:41
Oil Prices Rise for Fourth Straight Session Amid Rising Tensions in the Strait of Hormuz Photo Author: Unsplash

Global oil prices extended gains for a fourth consecutive trading day. On Wednesday morning, August 19, Brent crude futures rose 26 cents to $91.28 per barrel, while U.S. West Texas Intermediate (WTI) gained 37 cents, climbing to $85.31.

The price surge is driven by lingering market uncertainty regarding commercial shipping traffic through the strategic Strait of Hormuz. U.S. President Donald Trump stated on Tuesday that Washington is not engaged in negotiations with Tehran, maintaining that the waterway remains open. In contrast, Iranian authorities insist the key shipping corridor is closed to maritime traffic. With the temporary ceasefire expiring on Monday, a high-ranking Iranian official announced that the country is transitioning to a "new phase of resistance" amid the ongoing diplomatic deadlock.

#Oil prices #Brent crude #WTI #Strait of Hormuz #Donald Trump #Iran #Crude Oil #Global markets #Energy Crisis #Middle East Tensions #Oil futures #Geopolitics #Commodity trading #Shipping routes

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