Brent Settles at $91.02 as Iran Keeps Hormuz Closed and US Rules Out Ceasefire Extension
Updated
Updated · CNBC · Aug 18
Brent Settles at $91.02 as Iran Keeps Hormuz Closed and US Rules Out Ceasefire Extension
3 articles · Updated · CNBC · Aug 18
Summary
$91.02 Brent and $84.94 WTI closed higher Tuesday, extending a three-day rise after Iran said the Strait of Hormuz would stay shut and Washington rejected any ceasefire extension.
Qalibaf said Iran will keep the strait closed until the U.S. meets June interim-deal conditions, while Trump said no talks with Tehran were under way or scheduled.
Single-digit tanker crossings are still getting through; Saudi Aramco has resumed loadings inside Hormuz and is offering ship-to-ship transfers off Fujairah.
Analysts said the muted reaction reflected headline fatigue, but also warned neither side has reached a pain threshold for a deal, leaving near-term upward pressure on oil.
Fresh regional risks added to supply fears, with Yemen's Houthis claiming a Red Sea attack and Russia rerouting Kazakhstan crude to free Baltic capacity for more Russian exports.