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The Economic Times

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Oil climbs as fading US-Iran peace hopes raise supply risks

Oil prices climbed as Middle East war peace talks stalled significantly. Iran announced a shift to a fully offensive military posture. The United States ruled out extending a temporary ceasefire agreement. Shipping through the Strait of Hormuz has drastically decreased following recent attacks. This situation heightens worries about global energy supply stability.

18 Aug 2026 7:13 am