Oil hits three-week high as US-Iran peace hopes fade

Oil prices climbed to a three-week high on August 18, 2026, as hopes for a US-Iran peace deal faded. The decline in peace prospects raised concerns about potential supply disruptions, pushing crude prices higher. Bond yields also jumped, and gold slipped as investors reacted to the shifting geopolitical outlook. The expiration of a US-Iran ceasefire added to the market's unease, further supporting oil's upward momentum.