Crude oil futures rose for a fourth consecutive session on August 19, with front-month September West Texas Intermediate (WTI) settling $0.89, or 1.0%, higher at $85.83 a barrel on the New York Mercantile Exchange (NYMEX). Brent approached $92, and both benchmarks reached their highest levels since July 24. The rally followed the United Arab Emirates' decision to suspend trade and financial transactions with Iran after Iran fired two ballistic missiles toward UAE territory, while the Financial Times reported that Iran could target U.S. military-related facilities in Europe if Washington escalates its offensive against Tehran. Uncertainty over the Strait of Hormuz persisted as vessel traffic declined, the United States said the waterway remained open, and Iran maintained that passage was restricted. A temporary U.S.-Iran ceasefire expired on August 17, and President Donald Trump said on August 18 that no negotiations were taking place or scheduled. Alternative export and shipping routes have eased supply concerns but not removed uncertainty over regional exports. U.S. crude inventories unexpectedly rose by 4.4 million barrels, but refinery utilization reached 97.2%, its highest level since September 2019, supporting demand. Distillate inventories fell by 1.5 million barrels, while U.S. diesel refining margins exceeded $100 a barrel. Gold also rebounded, with the December COMEX contract gaining 2.8% to $4,545.30 an ounce after lower U.S. long-term yields increased demand for the non-yielding metal. Markets will focus on Strait of Hormuz traffic and U.S.-Iran diplomacy, with Brent's ability to hold above $92 seen by some participants as a gauge of spillover into risk assets, including equities.