Oil Prices Climb as Hopes for Middle East Peace Fading Fast

Oil prices rose today, August 18th, as hopes for an end to the Middle East conflict dwindled. The US had ruled out extending a temporary ceasefire agreement, leading to increased concerns about global energy supplies.

A senior Iranian official stated that his country would shift to a 'fully offensive' military posture after efforts to end the war faltered. A projectile struck a ship passing outside the Strait of Hormuz, marking the latest in a series of attacks that have kept transit at extremely low levels.

The US crude oil inventory report from the American Petroleum Institute is expected later today, with official data released by the US Energy Information Administration on August 19th.