Oil prices surge above $90 as US-Iran ceasefire expires and Trump demands Iran's surrender

On August 18, 2026, the two-month period for negotiating a peace deal in the US-Israel war on Iran expired with no resolution in sight. Iran stated it would adopt a more aggressive posture if talks with the US did not succeed. In response, Donald Trump, during an interview with Fox News, demanded that Tehran 'put up the white flag of surrender.' The expiration of the ceasefire window triggered a sharp rise in oil prices, with Brent crude surpassing $90 a barrel. The Guardian reported the surge as a direct consequence of the geopolitical tensions. The CNA article noted the broader market reaction, including a jump in bond yields, but did not provide specific details on the oil price movement. The Guardian and CNA both cited the expiration of the ceasefire window as a key factor, but the CNA article did not include specific quotes from Trump or Iran's statements, focusing instead on the broader market implications.