Brent crude oil prices are trading at elevated levels again this Tuesday (18/8), surpassing $91 per barrel and extending a three-day winning streak. This upward momentum is being driven by ongoing tensions in the Middle East, which are fueling market caution over the possibility of fresh supply disruptions — particularly following the deteriorating prospects for a new agreement between the US and Iran.
Brent crude oil on track above $90 a barrel
It is worth recalling that US President Donald Trump stated he has no interest in extending the temporary peace agreement, a development that gave fresh impetus to oil prices.
In the wake of these latest developments, Brent crude is trading above $91 per barrel in Tuesday’s session (18.8.2026), while US benchmark WTI crude is hovering above $85 amid deepening disagreements between the US and Iran over a sustainable peace deal. The memorandum of understanding signed in June — which aimed to give both sides a 60-day window to negotiate a long-term peace agreement — officially expired yesterday, Monday (17/8).
Meanwhile, Iran and Oman continue to negotiate a separate agreement on managing maritime traffic through the Strait of Hormuz, though the US is not participating in those talks. Washington is also unlikely to endorse any deal that does not guarantee unrestricted passage through the strategically vital shipping lane.
At the same time, Middle Eastern producers are quietly moving millions of barrels of crude oil through the waterway, helping to cap further price gains. The market remains highly sensitive to any new developments in the Middle East, with investors closely weighing the potential impact that geopolitical tensions could have on global oil supply.
