Pakistan, Aug. 18 -- Oil prices rose on Tuesday as hopes for a US-Iran peace deal weakened. Concerns about energy supplies increased after Iran adopted a more offensive military stance. The United States also ruled out extending a temporary ceasefire agreement. Consequently, markets feared that the conflict could continue for longer than expected.

Read More: Oil prices rise as Iran talks stall and Hormuz traffic slows

Iranian officials said efforts to reach a permanent agreement with Washington had stalled. A senior Iranian official told Reuters that Tehran would shift to a fully offensive posture. Meanwhile, progress toward reopening the Strait of Hormuz has slowed. The strategic waterway remains crucial for global oil shipments and re...