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Trump Refuses to Extend Hormuz Truce Deadline

8/19/2026

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Summary

Trump Declares Hormuz Territory

U.S. President Donald Trump declared the Strait of Hormuz U.S. territory.
Brent crude rose 0.2% to $91.02 a barrel after a 2% gain the day before.
West Texas Intermediate climbed 0.6% to $85.01 a barrel in the session.
U.S. crude inventories fell by 328,000 barrels after a prior rise of over 9 million barrels.
Trump said he would not extend the 60-day truce deadline that expired between Washington and Tehran.

Summary

Aramco Resumes Transit

Saudi Aramco resumed loading inside the strait in mid-August, sending three VLCCs each with about 2 million barrels of crude.
Over the past two weeks more than 80% of transits used the UN-authorized Omani route, which Iran opposes.
Saudi Arabia plans a 2 million-barrel-per-day boost to its 7 million-barrel pipeline while the UAE aims to double Fujairah exports to 3.6 million barrels daily by next year.

History

Historical Context

In October 1973 OAPEC embargoed the United States for supporting Israel, cutting Middle-East oil exports by about 65 % and raising barrel prices from $3 to $12—a 300 % surge. The crisis pushed the United States to protect Gulf shipping lanes, a concern echoed today as President Donald Trump claims U.S. rights over the Strait of Hormuz and Saudi Aramco expands VLCC shipments.

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Trump Declares Hormuz Territory

U.S. President Donald Trump declared the Strait of Hormuz U.S. territory.
Brent crude rose 0.2% to $91.02 a barrel after a 2% gain the day before.
West Texas Intermediate climbed 0.6% to $85.01 a barrel in the session.
U.S. crude inventories fell by 328,000 barrels after a prior rise of over 9 million barrels.
Trump said he would not extend the 60-day truce deadline that expired between Washington and Tehran.

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