Brent climbs toward $92 as UAE missile alert sparks Gulf tension

Brent crude approached $92 a barrel on Tuesday, marking its peak price for the month amid fresh Gulf volatility. The United Arab Emirates announced a missile alert, reporting that two projectiles launched from the direction of Iran fell into the sea, the first such warning in weeks. President Donald Trump posted on Truth Social that there were no current talks with Iran and that the naval blockade remained fully operational, while also sharing a map labeling the Strait of Hormuz as "New US territory."

Shipping tracker Kpler recorded only three confirmed vessels in the strait on August 16, underscoring the slowdown. Iran's top negotiator, Mohammad Bagher Ghalibaf, stated the waterway would stay shut until the United States fulfills the conditions of a June interim deal, and a senior Iranian official described Tehran's stance as moving toward a fully offensive posture. The market reaction reflects renewed unease over the conflict's direction despite limited new information.