Oil Nears $100 as Trump’s ‘Economic D-Day’ Raises the Stakes

Hormuz traffic remains near a standstill as Trump’s ‘Economic D-Day’ campaign pushes Brent closer to $100.

Friday, August 21, 2026 Transits through the Strait of Hormuz have been in single digits the entire week, with Trump’s announcement of an ‘Economic D-Day’ campaign against Iran increasing geopolitical risk premia in the markets.

With ICE Brent at $94 per barrel, Asian LNG prices at $24 per MMBtu and VLCC freight rates at exorbitant levels, this week’s gradual upward creeping momentum towards $100-per-barrel…