Energy stocks surged to record levels on Aug. 18 as oil prices climbed with escalating Middle East tensions and former President Donald Trump's hard-line stance adding to expectations of further gains. Brent crude traded around $91.3 a barrel and West Texas Intermediate near $85.1, extending the previous session's rally after Brent settled at $90.87 and WTI at $84.50 on Aug. 17 as doubts deepened over how quickly flows through the Strait of Hormuz could normalize. Market pricing still assigns low odds to crude reaching a fresh all-time high by Sept. 30, though year-end contracts reflect somewhat greater confidence, leaving investors focused on regional developments, Hormuz shipping, and signals from OPEC, the International Energy Agency and U.S. policy.