Crude Oil Prices Near 2-Week High as Strait of Hormuz Remains Closed | August 12, 2026

Oil prices rose on Wednesday, August 12, 2026, extending recent gains and moving closer to a two-week high as uncertainty persisted over the reopening of the Strait of Hormuz, as per news reports.  

Markets remained focused on the lack of progress between the United States and Iran, while renewed attacks by Yemen's Iran-backed Houthis added to concerns about prolonged supply disruptions in West Asia. 

Brent crude futures rose 0.7% to US$89.55 a barrel by 21:03 ET (01:03 GMT), while West Texas Intermediate crude futures gained 0.8% to US$83.89 a barrel. 

Hormuz Closure Keeps Oil Markets on Edge 

Shipping through the Strait of Hormuz remained limited as the US and Iran made little progress towards an agreement on reopening the key waterway. Uncertainty increased after Washington said it had attacked a ship in the Gulf of Oman that it alleged was headed for Iran. 

Tehran indicated earlier this week that the Strait of Hormuz would remain closed unless Washington accepted its demands for reparations. US President Donald Trump has strongly rejected those demands, adding to uncertainty over when shipping activity could return to normal. 

The Strait of Hormuz remains a critical concern for oil markets because it handled about 20% of global oil supplies before the conflict began. A prolonged disruption could therefore create significant supply risks and support crude oil prices. 

Read More: Gland Pharma Share Price Gains Over 7% After Q1 FY27 Earnings Results: Total Income Up 19.1% YoY! 

Houthi Attacks Add to Supply Concerns 

Supply disruption concerns were further heightened by continued attacks on shipping in the Red Sea and the Bab el-Mandeb Strait. The Iran-backed Houthi group has maintained attacks on ships this week after declaring a naval blockade against Saudi Arabia. 

The latest developments have increased fears that the wider West Asian conflict could continue to disrupt important shipping routes and energy supplies. 

Conclusion 

Oil prices are likely to remain sensitive to developments in West Asia as traders assess the prospects of the Hormuz reopening and the continuation of attacks on commercial shipping. Persistent disruptions could provide further support to crude prices, while any signs of de-escalation could ease supply concerns. 

Want to read stock market updates in Hindi? Angel One News gives comprehensive share market news in Hindi. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all related documents carefully before investing.