The Economic Times

Oil Price Today (August 19): Crude oil nears $92/barrel as Trump claims US is in no talks with Iran. What lies ahead?

Oil prices have rocketed to nearly $92 per barrel in response to rising tensions in the Middle East. President Trump declared that negotiations with Iran are off the table, leading to heightened concerns over supply. Iran has signaled a shift to aggressive military readiness amid ongoing diplomatic deadlock, resulting in strong rhetoric from both sides regarding the vital Strait of Hormuz.