Crude oil prices hit 2-week high above $91/bbl amid Trump’s Oman threat, escalating West Asia conflict

Global crude oil prices surged to more than a two-week high, trading above $91 per barrel (bbl) on Tuesday, August 18, as investors focused on US President Donald Trump’s latest threat to bomb Oman, amid an escalating West Asia conflict.

With no signs of a potential peace agreement or a ceasefire between Iran and the United States, along with the end of the 60-day negotiation timeline on Monday, investors now remain subject to uncertainty on how long it will take to end the conflict.

Investing.com data showed that global crude oil benchmark Brent crude prices surged to an intraday high of $91.84 per barrel (bbl) during Tuesday’s commodity market session, in comparison to $90.87 per bbl at the previous market close.

The exchange data showed that the crude oil prices rebounded back to hit more than a two-week high, in comparison to the energy prices trading around $93 per bbl back in July 30, 2026.

How much have oil prices gained this year?

So far in the calendar year 2026, benchmark Brent crude oil prices have risen more than 44% in the global market, and have gained 30% in the last six months, according to the exchange data.

Although the energy prices cooled down 15% in the last three months as investors pinned their hopes on a final peace agreement between the United States and Iran, now with no signs of a deal the prices are climbing back to elevated levels.

Investing.com data showed that Brent crude prices have risen more than 3% in the last one-month, and were trading more than 2% higher over the past five market sessions.

Brent crude oil prices were trading 0.14% higher at $91.01 per bbl as of 3:03 pm (IST) on Tuesday's market, in comparison to $90.87 per bbl at the previous equity market close, as per the exchange data.

Why are oil prices rebounding?

Oil prices surged to more than a two-week high after the expiry of the 60-day deadline to negotiate a final peace agreement, and US President Donald Trump’s latest threat of bombing Oman if the country interferes with the efforts in Strait of Hormuz.

“If Oman gets in the way, we’ll bomb the shit out of them,” said Donald Trump in an interview with Fox News on Monday evening.

According to a CNN report, Iran on Monday said that the country is in talks with Oman regarding the Strait of Hormuz, the key trading route for global oil trade, but the negotiations remain complex.

Trump’s latest threat comes citing that it will only happen if Oman gets in the way of America’s efforts to end the war in West Asia.

Market experts predict that if Oman pulls back from the talks with Iran which aim to normalise oil flow via the Strait of Hormuz, then it has the potential to extend the energy supply crisis as a major chunk of oil exports passes through the key trading route.

Oil prices also jumped back to above $91 per bbl levels after the UK maritime Trade Operations reported that a commercial shipping vessel had been struck by an “unknown projectile” in the Strait of Hormuz on Tuesday.

As per latest reports, the attack resulted in one casualty onboard while the vessel was transiting outbound from the key trading route.

“The impact caused damage to the engine room and resulted in a crew casualty. The remaining crew are currently being assisted by the Omani Coast Guard,” as per the official statement, cited in a CNN report.

This latest attack comes at a time when reports suggest only three commercial ships passing through over the last 24 hours.