Oil prices rose for a third day as hopes for a near-term resolution of the US-Iran conflict faded. President Donald Trump stated he’s not interested in extending the expiring agreement with Tehran, dampening market sentiment. The advance reflects growing uncertainty over geopolitical tensions, with oil markets reacting to the lack of diplomatic progress.

Analysts note that Trump’s stance signals potential escalation, which could impact global supply chains and energy prices. The August 18 developments underscore the sensitivity of oil markets to political decisions in the Middle East. Investors are closely watching the US-Iran relationship for further signals, with futures trading at levels tied to supply concerns.

Bloomberg Markets highlights that prices remain volatile as OPEC+ coordination faces pressure from geopolitical risks.