Peace talks between the US and Iran reach a deadlock, as slowing shipping in the Strait of Hormuz supports oil prices
智通财经2026/08/17 02:31- On Monday, international oil prices fluctuated slightly higher, with Brent crude futures rising as much as 0.88% to $89.37 per barrel and US crude rising as much as 0.68% to $83.04 per barrel. The prospect for a lasting peace agreement between the US and Iran is increasingly slim, continuing to attract crude oil buying. In the previous week, both major contracts surged over 5% due to incidents of attacks on oil tankers and refineries.
- Iran’s foreign minister said on Saturday that they had not yet decided to resume negotiations with the United States, while US President Trump urged Americans to accept a modest increase in gasoline prices as the conflict continues.
- Major General Amir Hatami, Commander-in-Chief of the Iranian Armed Forces, issued a stern warning on Sunday, stating that Iran will resolutely prevent the US from re-entering the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz, and opposes the re-establishment of US military bases in the Middle East. He emphasized that expelling US forces from the region “has become a reality” and US troops are “no longer allowed” to operate in those waters.
- Shipping data showed that, due to the oil tanker attack incidents, traffic through the Strait of Hormuz slowed significantly over the weekend. Only five cargo ships passed through on Saturday, and none on Sunday, compared to 31 the previous weekend.
- The United Arab Emirates accused Iran of attacking a third vessel operated by Abu Dhabi National Oil Company on Friday, after already accusing Iran of carrying out two attacks on Thursday night. Analysts point out that unless there is clear evidence of a substantial interruption in crude oil supply, the upward space for oil prices may be limited.
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