{
  "id": 1755666,
  "title": "Oil rises as US-Iran peace hopes fade",
  "url": "https://urgent.news/2026/08/18/oil-rises-as-us-iran-peace-hopes-fade-1755666",
  "topic": "world",
  "section": "World",
  "published": "2026-08-18T16:43:07.000Z",
  "source": {
    "name": "SABC News",
    "slug": "sabc-news",
    "url": "https://www.sabcnews.com/sabcnews/1153300-2/"
  },
  "original_language": "en",
  "account": "Oil prices climbed slightly on Tuesday, marking a third consecutive day of gains as the chances of a US-Iranian peace deal disappeared. Tehran signaled a more aggressive stance while Washington dismissed the possibility of extending a ceasefire agreement. Brent crude futures rose 36 cents, or 0.4%, to $91.23 a barrel, while US West Texas Intermediate crude futures increased 56 cents, or 0.66%, to $85.06 a barrel. The contracts hit their highest levels in over a month, with the West Texas Intermediate crude hitting its top since July 30 and July 31.\n\nNegotiations for peace talks have stalled, and the resumption of oil tanker traffic through the vital Strait of Hormuz has also halted. Iran's top negotiator, Mohammad Baqer Qalibaf, stated that Iran would maintain the strait closed until the US fulfills the terms of the interim deal signed in June. Despite Trump's claim that no talks or scheduled meetings exist, the Strait of Hormuz remained open. His remarks drew a modest market response.\n\nMohit Kumar, an economist at Jefferies, noted that the market has not yet reached a critical point where Iran or Trump would seek a deal. He suggested further pain in the short term and upward pressure on oil prices. Iran's aggressive military posture was reported after a senior Iranian official told Reuters that Iran would adopt a fully offensive strategy as peace talks stalled. The lack of any agreement may impact oil price expectations beyond the fourth quarter of 2023 and into 2027, according to DBS Bank's head of energy research, Suvro Sarkar.\n\nSome oil is still managing to pass through the Strait of Hormuz, although the volumes are minimal. Saudi Aramco has resumed loading oil through ship-to-ship transfers off Fujairah in the UAE. Iran is also in talks with Oman to manage the Strait of Hormuz, and they are reportedly close to reaching an agreement. However, Trump responded to these talks by threatening to bomb Oman, a long-standing US security ally.\n\nIn another part of the Middle East, the Houthis attacked vessels they claimed were Saudi military ships and their escorts in the Red Sea. The Houthis' military spokesperson, Yahya Saree, announced the attack via the Telegram messaging app.",
  "summary": "Iran has separately been negotiating with Oman an agreement on managing the Strait of Hormuz.",
  "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."
}