Tuesday 18 August 2026 6:20 am
| Updated:
Tuesday 18 August 2026 7:21 am
Trump has threatened to make the Strait of Hormuz US territory. (Image: PA)
Welcome back to the City AM liveblog.
Oil prices are marching higher after Donald Trump refused to extend the ceasefire between the US and Iran following its expiration on Monday.
Brent crude – the international benchmark for oil prices – broke above $91 per barrel as tensions persisted over the Strait of Hormuz and a potential return to conflict.
Speaking in the White House, Trump confirmed he would not seek to extend the 60-day memorandum of understanding between the two nations after it expired on Monday. The deal was originally touted as a key step on the road to peace.
This followed Trump reiterating his ambition to make the Strait of Hormuz a US territory.
“It’s a great idea. I mean, we control it with the blockade, and I like the idea of declaring it a territory,” he said while taking questions at the White House last night.
“We have total control over the strait now. They [Iran] can be a nuisance, they can put a mine in the water, but the blockade has been very effective.”
The comments came shortly after he turned his attention to Oman after the nation reached an agreement with Iran on the strait, which runs between the two companies.
Iran’s foreign affairs spokesperson Esmail Baghaei said an “understanding has been reached regarding the map of the transit route”.
Trump, however, has threatened to “bomb the s**t” out of Oman if it “gets in the way” regarding the US negotiations.
We’ll be bringing you the latest market updates and analysis.
Here’s a few of our top headlines this morning
Read more
The liveblog has ended.
No liveblog updates yet.
Load more
Similarly tagged content:
Sections
Categories
People & Organisations