Oil Above $90 as Iran Talks Collapse and Hormuz Traffic Halts

Brent crude reached $91.63 on 18 August 2026 after a two-month window to end the US-Israel war on Iran closed with no agreement. Deutsche Bank said markets now expect a prolonged shutdown of the Strait of Hormuz — a chokepoint carrying about 25% of global seaborne oil. Only six commodity ships passed through Monday.