Oil Prices Rise as US-Iran Deadline Passes With Strait of Hormuz Still Deadlocked
business
Crude climbed and stocks wavered after a temporary US-Iran framework expired without a deal to fully reopen the Strait of Hormuz, keeping global energy markets on edge.
Oil prices extended gains on Tuesday as a deal between the United States and Iran to reopen the Strait of Hormuz remained distant, a day after the deadline for a truce between the two sides expired.
A temporary framework — a memorandum of understanding signed in June with a 60-day window — lapsed on Monday, August 17, with no indication either side would extend it. West Texas Intermediate rose toward $85 a barrel, while Brent settled just below $91, according to market data.
President Trump said he was not interested in extending the expiring agreement, and the two sides remained far apart on issues including control of the strait. Iran has insisted the US must lift its naval blockade before it fully reopens the waterway, through which roughly a fifth of global energy supplies pass. Analysts note oil has stayed below its earlier war-driven peaks, cushioned by alternative Gulf export routes, higher US production and stockpile drawdowns.
