U.S. President Donald Trump has rejected extending an interim agreement with Iran as efforts to reach a broader peace deal stalled, raising concerns over renewed conflict and disruptions to global energy supplies. The agreement was intended to help ease tensions and support the reopening of the Strait of Hormuz, a key route for international oil shipments.

The decision came as negotiations between Washington and Tehran failed to produce a lasting agreement. Iran and the United States remain divided over the reopening of the Strait of Hormuz, sanctions, and other conditions tied to the conflict. Shipping traffic through the waterway has remained well below normal levels as operators continue to face security risks.

Oil markets reacted to the renewed uncertainty. Brent crude settled at around $90.87 per barrel on August 17, while West Texas Intermediate reached $84.50. Traders remain concerned that further military escalation could reduce oil flows from the Gulf and put additional pressure on global energy supplies.

For the maritime industry, the continued disruption around the Strait of Hormuz remains a major concern. The waterway normally carries a significant share of global oil shipments, and reduced vessel traffic could lead to longer voyages, higher insurance costs and increased freight rates. The situation is expected to remain closely watched as diplomatic efforts continue and tensions between the U.S. and Iran persist.