Iran-US Tensions Spark Oil Price Surge

Oil prices surged over $2 on August 17 as tensions between the US and Iran heightened, causing concerns about global energy supplies.

The Brent crude futures rose by 2.65% to settle at $90.87 a barrel, while US West Texas Intermediate crude gained 2.55% to $84.50 a barrel.

Ship movements through the Strait of Hormuz slowed significantly over the weekend, with only five commodity vessels crossing on Saturday and none recorded on Sunday, compared to 31 vessels in the previous weekend.

US President Donald Trump expressed doubt that Iran would accept an agreement, while a senior Iranian official warned that Tehran could intensify tensions if the US failed to implement an interim peace agreement fully within weeks.