Oil nears $90 as Lebanon fighting and vessel attacks raise supply fears

ICE Brent traded just below $90 per barrel in early Asian trading on 17 August 2026, extending gains recorded on Monday, Hellenic Shipping News Worldwide reported. The move came as renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz heightened concerns about regional supply disruption.

Drivers of the price rise Market participants pointed to two main risk factors supporting prices: - renewed fighting in Lebanon that has added geopolitical uncertainty in the region; and - attacks on vessels in the Strait of Hormuz, which raised the prospect of wider disruption to maritime traffic and flows. The source also noted that these developments complicate prospects for a US Iran deal, a factor that further fed supply risk premiums in oil markets.

Market implications Brent trading just under $90 per barrel reflects a repricing of supply risk rather than changes in a single market indicator. Shipping routes through the Strait of Hormuz remain a focal point for traders and ship operators while the situation in Lebanon continues to be monitored.