Oil Above $90 as Iran War Talks Expire, Hormuz Traffic Dries Up

Brent crude hit $91.63 on 18 August 2026 after a two-month negotiating window to end the US-Israel war on Iran expired with no deal. Deutsche Bank analysts said markets are pricing in "a more extended closure" of the Strait of Hormuz, through which roughly a quarter of global seaborne oil normally passes. Only six commodity ships transited the strait on Monday.