Global oil prices rise amid Middle East tensions and US-Iran conflict

International oil prices continued their upward trajectory as of August 19, 2026, marking a fourth consecutive session of gains. Brent crude is currently trading at approximately 91.77 dollars per barrel, following a 4.5 percent increase over the previous three days. Meanwhile, U.S. West Texas Intermediate (WTI) has risen to near 86 dollars per barrel.

The current market volatility is driven by the ongoing conflict between the United States and Iran, which has lasted nearly six months since its onset in late February. U.S. President Donald Trump has officially stated that no negotiations with Tehran are taking place. This diplomatic stalemate, coupled with continued tensions over the strategic Strait of Hormuz, has significantly restricted maritime traffic, directly impacting global supply chains.

Energy markets remain under pressure due to the broader Middle East crisis and the ongoing conflict between Russia and Ukraine, particularly following strikes on oil refineries. These geopolitical factors are exacerbating global inflationary pressures, with international observers closely monitoring the situation as no immediate resolution to the US-Iran confrontation is in sight.