{"id":409221,"date":"2026-08-17T22:08:08","date_gmt":"2026-08-17T22:08:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/409221\/"},"modified":"2026-08-17T22:08:08","modified_gmt":"2026-08-17T22:08:08","slug":"oil-prices-climb-again-as-iran-tensions-fuel-supply-fears","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/409221\/","title":{"rendered":"Oil prices climb again as Iran tensions fuel supply fears"},"content":{"rendered":"

WASHINGTON (TNND) \u2014 Oil prices surged Monday after President Trump cast doubt on whether the United States will reach or extend a framework deal with Iran, renewing market fears of a wider escalation and potential disruption to energy shipments through the Strait of Hormuz.<\/p>\n

Brent crude (the North Sea oil that serves as the leading global benchmark for international oil prices) briefly climbed above $91 a barrel before settling at $90.87, up 2.65%. U.S. benchmark West Texas Intermediate closed at $84.50, up 2.5%. Prices had been roughly flat to lower earlier in the day before jumping following Trump\u2019s remarks.<\/p>\n

Trump said Iran wants a deal but not one he considers acceptable, while reiterating that Iran cannot acquire nuclear weapons.<\/p>\n

The June framework, reached through Pakistani mediation, set a 60-day negotiating window<\/a> that is nearing expiration without a comprehensive settlement. The renewed uncertainty helped drive concerns about further escalation and possible interruptions to oil shipments through the Strait of Hormuz, a key global chokepoint.<\/p>\n

Trump claimed U.S. forces have \u201ctotal control\u201d of the Strait of Hormuz through a naval blockade and said the waterway is open. But shipping data cited in the notes contradicted the claim of normal access: only three ships crossed the strait Sunday and 10 on Saturday, compared with roughly 130 per day before the war. Strait traffic fell 19.5% last week compared with the already-depressed previous week. Several oil tankers have reportedly been attacked in recent days.<\/p>\n

Oil prices are now nearly 50% higher than at the beginning of 2026 and more than 25% higher since the Iran war began on Feb. 28. U.S. gasoline averaged $4.06 per gallon Monday, up 36% since the war began.<\/p>\n

Financial markets also reacted. After Trump\u2019s comments, borrowing costs in the U.S. moved higher. Interest rates on longer-term government debt rose to levels not seen in years, including the 30-year rate, which reached its highest point since 2007. The stock market also fell, with the S&P 500 dropping about 0.4% and the tech-heavy Nasdaq falling about 0.3%<\/p>\n

Trump also threatened military action against Oman <\/a>if it interfered with U.S. operations concerning the Strait of Hormuz.<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON (TNND) \u2014 Oil prices surged Monday after President Trump cast doubt on whether the United States will…\n","protected":false},"author":2,"featured_media":409222,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[132,134,133,142944,31231,3653,462,123750,78907,2558,84443],"class_list":["post-409221","post","type-post","status-publish","format-standard","has-post-thumbnail","category-austin","tag-austin","tag-austin-headlines","tag-austin-news","tag-brent","tag-iran","tag-nuclear","tag-oil","tag-oman","tag-strait-of-hormuz","tag-trump","tag-west-texas-intermediate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/409221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=409221"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/409221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/409222"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=409221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=409221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=409221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}