Oil prices increased marginally in Asian trade on Tuesday, keeping close to recent highs, as the United States and Iran remained at odds over the Strait of Hormuz and made little progress toward a peace agreement.
📆 Tuesday18/08/2026
According to Bloomberg, US President Donald Trump has expressed little interest in renewing the expired agreement with Iran.
According to Reuters, Israel has resumed bombings on Lebanon in recent days after cutting back its attacks earlier this month.
Gold prices gained on Monday as investors weighed poor US economic data against renewed energy-market uncertainties, with the Federal Reserve's July meeting minutes anticipated later this week providing further hints on the course of interest rates. Gold opened the new week about 1% higher than the previous week, with the latest US data helping to alleviate concerns about an impending rate hike.
Oil prices fell slightly in Asian trade on Monday after posting substantial increases the previous week, with ongoing uncertainty over US-Iran ties and the Strait of Hormuz restraining total oil falls. Shipping through the Strait of Hormuz slowed significantly as a result of Iranian strikes on tankers in the region, while the United States continued its naval embargo of Tehran.