Oil largely unchanged as US-Iran peace talks stall, Hormuz shipping slows

Brent crude futures climb 0.2% to US$88.72 by 2350 GMT

Published Mon, Aug 17, 2026 · 06:49 AM — Updated Mon, Aug 17, 2026 · 09:08 AM

Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US. PHOTO: REUTERS

[SINGAPORE] Oil prices barely moved in early trade on Monday (Aug 17) as tanker traffic through the Strait of Hormuz slowed over the weekend with no peace deal in sight between the US and Iran to end the conflict in the Middle East.

Brent crude futures climbed US$0.20, or 0.2 per cent, to US$88.72 by 2350 GMT, while US West Texas Intermediate crude futures slipped US$0.05 cents to US$82.35 a barrel.

Both contracts gained more than 5 per cent last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.

Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US while US President Donald Trump urged Americans to accept slightly higher petrol prices while the conflict continues.

“The status quo remains. Both sides remain firmly dug in and the market is left weighing the risk of tighter supply against the comfort of workarounds and other informal channels,” IG market analyst Tony Sycamore said in a note.

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers.

Global 2026 oil supply shortfall to deepen as Hormuz reopening remains elusive

The attack was the second such incident involving ADNOC vessels in less than a week.

UAE says Iran attacked two ADNOC vessels in Strait of Hormuz; no injuries

The world’s oil inventories have fallen by about half the amount many anticipated earlier in the conflict.

The global oil cushion isn’t really hitting ‘tank bottoms’

In recent weeks, the Trump administration has signalled that a deal to reopen the strait could be close, only to have Iran deny that talks are ongoing.

US expects deal soon on Strait of Hormuz; Sunni powers unite in defence pact

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Five commodity vessels transited the strait on Saturday, with none registered for Sunday, shiptracking data from Kpler showed, versus 31 in the prior weekend.

The United Arab Emirates accused Iran of attacking a third vessel operated by Adnoc that was transiting the strait on Friday, the Emirati state news agency Wam reported, after blaming it for two other incidents involving Adnoc vessels in the strait on Thursday evening. REUTERS

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