Brent Crude Edges Up to $88.60 as Tanker Traffic Through Hormuz Slows

According to Bourse News, oil prices rose on Monday, 26 Mordad 1405 (August 17, 2026), as fading hopes for progress in US Iran peace talks and slower tanker traffic through the Strait of Hormuz revived geopolitical risk concerns in the market. Brent crude rose about 10 cents to 88.60 dollars a barrel, while US West Texas Intermediate (WTI) crude fell about 20 cents to 82.19 dollars a barrel.

Data from ship tracking firm Kepler showed vessel traffic through the Strait of Hormuz slowed over the weekend, with only five cargo ships crossing the strait on Saturday and none recorded on Sunday, compared with 31 ships the previous weekend. Priyanka Sachdeva, head of market insights at Phillip Nova in Singapore, said oil prices have now largely reversed their early August lows, but that room for further gains looks limited from here unless there is clear evidence of escalating tension in the Strait of Hormuz, particularly tangible damage to tankers or oil infrastructure.