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Weekly line chart of WTI crude oil prices from January to August 2026, up nearly 29 percent amid Hormuz tensions.

Oil prices climbed after the 60-day US-Iran ceasefire agreement over the Strait of Hormuz expired Monday without extension, followed by an unidentified vessel strike in the strait overnight and a senior Iranian official signaling a more aggressive posture. Brent traded above $91 and WTI near $84 on Tuesday, though both remain well below the peaks reached during March's acute standoff. The gap between today's level and that earlier high underscores how much less alarmed markets are about this latest escalation.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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