Overview
- Diplomatic talks between the United States and Iran have stalled and a senior Iranian official said Tehran will shift to a more offensive military posture, a development President Donald Trump said he would not extend the interim deal for and that helped harden market fears.
- Brent crude rose to roughly $90–$91 per barrel while U.S. benchmark WTI traded in the mid‑$80s as traders priced in the higher risk of supply interruptions.
- Traffic through the Strait of Hormuz has plunged from prewar norms to single‑digit daily transits, MarineTraffic data show, and Iranian state media reported the seizure of a UAE‑owned tanker, raising insurance and safety concerns for tankers.
- Pakistan’s government raised petrol by Rs5.77 and diesel by Rs6.47 per litre effective August 18 under its new daily pricing formula that passes global moves quickly to consumers.
- India cut export levies and trimmed windfall taxes to limit outward flows while keeping state‑set retail pump prices stable, and Gulf producers are using alternate shipping routes and reserves could be tapped but restoring normal tanker flows may take weeks to months.