Crude Oil Prices Rise as Hormuz Shipping Uncertainty Keeps Traders Cautious | August 19, 2026

On Wednesday, August 19, 2026, Crude Oil prices rise with Brent crude heading further above US$91 a barrel. As per news reports, this was due to whether ships can safely pass through the Strait of Hormuz as per the latest tensions between the US and Iran.  

Brent crude futures have moved up by 26 cents, or 0.29%, to US$91.28 a barrel by 0004 GMT. US West Texas Intermediate crude was up 37 cents at US$85.31. Both benchmarks had already ended Tuesday at their highest levels since July 24, 2026. 

Hormuz Remains the Main Concern 

The status of the Strait of Hormuz remains unclear. US President Donald Trump said on Tuesday (August 18, 2026) that the waterway was open and that there were no talks with Iran. Iranian officials have said the route is still closed to shipping. 

The comments came after a temporary ceasefire expired on Monday. A senior Iranian official said Tehran was moving towards a fully offensive military posture because of the lack of progress on diplomacy. No fresh strikes were reported on Tuesday. 

Iraq Prepares Other Export Options 

Iraq is taking steps to keep its crude exports moving without depending on the Strait of Hormuz. The country's cabinet has approved arrangements involving international and local companies, with exports to be handled through several outlets. 

The new contracts will be in place for three months from September 1, the Iraqi government said. 

Read More: India's Tanker Exports Rise More Than 6 Times to $1.36 Billion in Q1 FY27! 

Chinese Shippers Change Course 

As per news reports, shipping activity is also being affected by the conflict. Two major Chinese shipping companies have stopped sending oil tankers through Hormuz and the Bab al-Mandeb Strait. They are instead collecting oil cargoes outside the Gulf, according to shipping industry sources. 

US Inventory Figures Due 

US crude and distillate inventories fell last week, while petrol stocks increased, according to figures from the American Petroleum Institute. 

The more closely watched data from the US Energy Information Administration is due later today.  

Conclusion 

For oil traders, the immediate question is how much crude can continue to move through the region while tensions remain high. Shipping developments and the latest US stock figures could bring another sharp move in prices. 

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