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Oil prices climb amid US-Iran talks stalled
Oil prices rose on Monday, August 17, 2026, due to a decline in expectations of a breakthrough in peace talks between the United States and Iran, and a slowdown in tanker traffic through the Strait of Hormuz, which increased geopolitical risks in the market. Brent crude increased by 1% to $89.40 a barrel, while U.S. West Texas Intermediate rose to $82.83, after both contracts saw significant gains last week following attacks on oil tankers in the strait. An Iranian official announced that Tehran has not yet decided to resume negotiations with Washington, while Trump urged Americans to tolerate a slight rise in gasoline prices despite ongoing escalation. The number of ships passing through the Strait of Hormuz dropped to five ships on Saturday and no ships on Sunday, compared to 31 ships at the start of the previous week, reflecting a slowdown in shipping amid rising tensions.
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