{
  "id": 1404680,
  "title": "Oil hangs onto gains as US-Iran peace talks stall, Hormuz shipping slows",
  "url": "https://urgent.news/2026/08/17/oil-hangs-onto-gains-as-us-iran-peace-talks-stall-hormuz-shipping",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T02:24:31.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40435151/oil-hangs-onto-gains-as-us-iran-peace-talks-stall-hormuz-shipping-slows"
  },
  "original_language": "en",
  "account": "Oil prices steadied on Monday, holding onto recent gains as the likelihood of a lasting US-Iran peace agreement appears diminishing and concerns over disruptions in the Strait of Hormuz persist. Brent crude futures remained flat at $88.55 by 0128 GMT, while US West Texas Intermediate crude futures declined by 14 cents to $82.26 a barrel. Both contracts had surged over 5% last week following assaults on tankers managed by Abu Dhabi National Oil Company in the Hormuz strait and a Saudi Aramco refinery.\n\nThe weekend saw Iranian Foreign Minister Abbas Araqchi stating that Iran had not yet decided to resume negotiations with the US, while US President Donald Trump encouraged Americans to accept somewhat higher gasoline prices throughout the ongoing conflict. Global gas demand is anticipated to decrease by 0.5% as tighter supply drives prices up, according to the International Energy Agency.\n\nPriyanka Sachdeva, head of market insights for Phillip Nova in Singapore, noted that oil prices have nearly fully recovered from early August lows, as hopes for a more permanent resolution between the US and Iran wane and geopolitical risk premiums return to the market. However, she sees limited upside in the near term unless there is clear evidence of renewed aggression in the Strait of Hormuz, particularly substantial damage to tankers or oil infrastructure.\n\nData released on Monday indicated that shipping through the Strait of Hormuz slowed over the weekend following attacks on tankers. Five cargo vessels passed through the strait on Saturday, with none registered for Sunday, according to Kpler's shiptracking data. This represented a drop from 31 vessels during the previous weekend. The United Arab Emirates blamed Iran for attacking a third vessel operated by Abu Dhabi National Oil Company (ADNOC) that was transiting the strait on Friday, following accusations of two other incidents involving ADNOC vessels in the strait on Thursday evening.",
  "summary": "NEW DELHI/SINGAPORE: Oil prices were mostly steady on Monday , maintaining gains made last week, as prospects for a lasting US-Iran peace deal appear increasingly remote and fears of supply disruptions in the Strait of Hormuz are ever present. Brent crude futures were unchanged at $88.55 by 0128 GMT, while US West Texas Intermediate crude futures slipped 14 cents to $82.26 a barrel. Both…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}