Geopolitical events
On August 18, 2026, global energy markets experienced significant volatility as the two--month ceasefire between the United States and Iran expired without a diplomatic resolution. U.S. President Donald Trump escalated regional tensions by threatening military action against Oman, stating the U.S. would "bomb" the strategic partner if it obstructed efforts to end the maritime blockade. This development follows the failure of the "Islamabad Memorandum" negotiations, with Tehran maintaining its closure of the Strait of Hormuz until all frozen sovereign assets are released and the naval blockade is lifted.