Crude Oil Prices Hold Steady Amid Ongoing Mideast Tensions

Crude oil prices remain elevated after attacks resumed in Lebanon, putting additional strain on already uncertain US-Iran peace talks. The Brent crude price held near $89 a barrel on Monday, August 17, following last week's 6% gain. Meanwhile, West Texas Intermediate (WTI) prices remained steady around $83 a barrel.

The latest attacks came as Israel launched strikes against Iran-backed Hezbollah in Lebanon, killing one of its senior commanders and resulting in at least 11 deaths. The Strait of Hormuz has also seen continued violence, with Abu Dhabi National Oil Company (ADNOC) reporting another vessel under attack on Saturday, following two others last week.

Russia is also facing fuel shortages due to Ukraine's strikes on oil refineries, leading to gasoline rationing in at least two regions. Iranian officials have stated that the Strait of Hormuz is a 'God-given geopolitical asset' and will be protected with all available power.