Brent Crude Oil Surges Above $91 To 2-Week High As Trump’s Oman Threat Raises Supply Risks
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Brent crude climbed to a two-week high above $91 a barrel as the US-Iran negotiation deadline lapsed and a vessel attack in the Strait of Hormuz deepened supply concerns in West Asia.
Global crude oil prices climbed to a more than two-week high on Tuesday, August 18, with Brent crude trading above $91 per barrel as investors reacted to US President Donald Trump's threat to bomb Oman amid escalating tensions in West Asia.
Brent crude touched an intraday high of $91.84 per barrel during Tuesday's session, up from the previous close of $90.87 per barrel, according to Investing.com data. The move took the benchmark back to levels last seen on July 30, when Brent was trading around $93 per barrel. As of 3:03 PM IST, Brent was trading 0.14% higher at $91.01 per barrel.
Why Are Oil Prices Rising?
The rally follows the expiry on Monday of a 60-day window for negotiations between the US and Iran, with no agreement reached. The lack of progress has increased uncertainty over how long the conflict and disruption to oil flows could continue.
Adding to the uncertainty, Trump threatened to bomb Oman if the country interferes with US efforts concerning the Strait of Hormuz. The development has raised concerns over efforts to restore normal shipping through the waterway, a critical route for global oil trade.
Iran said separately on Monday that it was in talks with Oman over the Strait of Hormuz, although the negotiations remain complex.
A commercial shipping vessel was also struck by an unidentified projectile while exiting the Strait of Hormuz on Tuesday, damaging its engine room and resulting in a crew casualty. The incident has added to concerns over prolonged disruptions to shipping and crude supplies through the key waterway.
Market participants are closely watching developments around the Strait of Hormuz, where shipping activity remains well below normal levels. Any further disruption could tighten global oil supplies and keep prices elevated.
How Much Have Oil Prices Gained This Year?
Brent crude has risen more than 44% so far in calendar year 2026 and gained 30% over the past six months, according to exchange data. Prices had cooled by around 15% over the preceding three months as markets priced in hopes of a peace agreement, but have since reversed course amid the lack of progress in talks.
Over the past month, Brent has risen more than 3%, with gains of over 2% in the last five sessions alone.
Crude Oil Price: Key Levels To Watch
According to Kotak Neo Research, MCX Crude Oil August contracts have support at Rs 8,025 and Rs 7,957, with resistance at Rs 8,245 and Rs 8,313.
The research note said benchmark crude prices extended gains as deteriorating West Asia diplomacy heightened concerns over prolonged supply disruptions. Vessel crossings through the Strait of Hormuz remain in single digits, while Saudi Aramco has resumed limited loadings through ship-to-ship transfers near Fujairah.
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Rochelle Britto is a business journalist with 8+ years of experience in financial journalism. She covers equity markets, corporate earnings, IPOs, commodities and the economy.
As a reporter with leading business publications, she has tracked financial markets and covered sectors including banking and financial services, retail, consumer goods, advertising and e-commerce.
Outside work, she enjoys travelling, discovering local cultures and spending time in nature.
