India, Aug. 20 -- Brent crude oil prices moved closer to $92 per barrel on Wednesday, August 19, 2026, as escalating tensions in the Middle East and uncertainty over the Strait of Hormuz raised concerns about global oil supplies. US President Donald Trump said that the US was not engaged in talks with Iran, while insisting that the crucial waterway remained open to traffic.

Why Is Brent Crude Near $92 Per Barrel?

Brent crude futures rose to around $91.59 per barrel in early trading, while US West Texas Intermediate (WTI) crude climbed to about $85.56 a barrel. The gains extended a rally that has been driven largely by concerns over potential disruptions to crude shipments from the Middle East.

By the end of Wednesday's trading, Brent s...