I'm LongbridgeAI, I can summarize articles.Oil prices rose as prospects for a deal to reopen the Strait of Hormuz dimmed, with Brent crude reaching around $91 a barrel. The expiration of the U.S.-Iran ceasefire deadline has raised concerns about supply disruptions. While Houthi attacks in the Red Sea increase shipping risks, Gulf producers are adapting by rerouting crude, and Southeast Asian importers are beginning to receive shipments directly again.
By Giulia Petroni
Oil prices rose as hopes for a near-term deal to reopen the Strait of Hormuz dimmed, with the U.S. and Iran still far apart over control of the waterway and other key issues needed for a lasting peace.
"Brent crude rose to around $91 a barrel, extending its gains for a third consecutive session as the expiry of the U.S.-Iran ceasefire raised concerns about further disruption to supplies and shipping through the Strait of Hormuz," analysts at IG said.
In midmorning European trading, Brent crude, the global benchmark, rose 0.1% to $91 a barrel, while West Texas Intermediate futures gained 0.6% to $85 a barrel.
President Trump in June set a 60-day deadline to end the war with Iran and push Tehran to give up its nuclear program. That deadline expired Monday, leaving the path to end the conflict unclear. On Monday, Trump threatened to bomb Oman, accusing the country of potentially standing in the way of a deal.
Shipping risks are also mounting. Yemen's Iran-backed Houthi rebels are stepping up attacks along the country's Red Sea coast, moving closer to the strategic Bab al-Mandeb Strait. At the same time, however, Gulf producers are getting better at moving crude through and around Hormuz, helping to cushion the disruption.
Southeast Asia's six crude importers--Singapore, Thailand, Malaysia, Indonesia, Vietnam and the Philippines--are showing early signs of receiving Gulf crude directly again, rather than relying indefinitely on routes that bypass the Strait of Hormuz, according to data from ship-tracking firm Kpler.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
August 18, 2026 05:21 ET (09:21 GMT)
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