Oil Prices Rise Again Amid Hormuz Tensions

Global oil prices have risen again amid growing uncertainty over the Middle East ceasefire and concerns over fuel supplies through the Strait of Hormuz.

On Tuesday (August 18), Brent crude rose 27 cents to $91.14 a barrel, while US West Texas Intermediate increased 42 cents to $85.04 a barrel.

Fears of supply disruptions have intensified as prospects for a ceasefire agreement between Iran and the United States continue to weaken. Iran’s tougher stance and Washington’s decision not to extend the ceasefire have added to market uncertainty.

Meanwhile, the UK Maritime Trade Operations said a vessel was damaged by an unidentified object while passing through the Strait of Hormuz. One crew member was injured in the incident.

Authorities are investigating the incident and have advised vessels operating in the area to remain cautious. The latest developments have renewed concerns over global energy supplies and could put further pressure on oil prices.