Crude Oil Prices Steady Near 1-Week Highs as US-Iran Peace Deal Hopes Fade | August 11, 2026

Crude oil prices remained steady on Tuesday, August 11, 2026, near their highest levels in more than a week as hopes of a peace deal between the United States and Iran weakened, as per news reports.  

Markets are also monitoring risks surrounding the Strait of Hormuz, a key route for global energy supplies. 

US-Iran Tensions Keep Oil Prices Elevated 

Brent crude futures were flat at US$87.81 a barrel, while US West Texas Intermediate crude futures held at US$82.20 a barrel. Both benchmarks gained more than 5% on Monday, reaching their highest levels since July 31, 2026. 

Oil prices rose after US President Donald Trump responded to Iran's conditions for a peace agreement with demands that Iran compensate people affected by wars, attacks and protests. The demands could make negotiations more difficult and delay efforts to reopen the Strait of Hormuz. 

Strait of Hormuz Risks Remain in Focus 

Trump later said the US had control of the Strait of Hormuz and had cleared the strategic waterway of Iranian mines. However, uncertainty over a potential agreement between Washington and Tehran continues to support oil prices. 

As per news reports, the risk of restrictions around both the Strait of Hormuz and the Bab el-Mandeb remains significant. Potential disruptions could increase insurance costs and force ships to take longer routes, keeping energy flows constrained in the near term. 

Jazan Refinery Restart Delayed 

Saudi Aramco has postponed the restart of its 400,000-barrel-per-day Jazan refinery to August 30, 2026, after the Houthis claimed responsibility for two attacks on the facility on Sunday. The delay adds another supply-side concern for energy markets. 

Read More: Wockhardt Share Price Falls Over 4% After Q1 FY27 Earnings Results: Total Income Up 26.6% YoY! 

Iraq Raises Basra Medium Crude Price 

Elsewhere, Iraq increased the September 2026, official selling price for Basra Medium crude to Asia by US$2.50 to a discount of US$4 a barrel against the average of Oman and Dubai quotations. 

Conclusion 

Oil prices are likely to remain sensitive to developments surrounding US-Iran negotiations and the security of major shipping routes. Continued supply disruptions and weaker peace prospects could keep prices supported in the near term. 

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