Crude Oil Prices Rise as Uncertainty Over Strait of Hormuz Reopening Persists | August 10, 2026

Oil prices rose on Monday, August 10, 2026, as uncertainty over the reopening of the Strait of Hormuz continued to support prices, as per news reports.  

Markets remained cautious after Iran said a deal with Oman to define new shipping lanes was in its final stages, but stressed that the waterway would reopen only if the United States met additional conditions. 

Brent crude futures rose 91 cents, or 1.09%, to US$84.46 a barrel by 0056 GMT, while US West Texas Intermediate crude futures gained 61 cents, or 0.78%, to US$78.79 a barrel. 

Hormuz Reopening Remains Uncertain 

Both oil benchmarks had fallen more than 7% last week amid hopes that Iran and Oman were close to an agreement that could lead to the reopening of the Strait of Hormuz. The waterway carried around a fifth of global oil supplies before the war, making its status a key factor for energy markets. 

Iran said on Sunday that discussions with Oman were in their “final stages”, but maintained that the strait would reopen only after Washington met further conditions, including compensation to Iran for widespread attacks. 

Tim Waterer, chief market analyst at KCM Trade, said traders were waiting for tangible evidence, such as verified tanker movements or formal agreements, before removing the risk premium from oil prices. 

US-Iran Tensions Add to Supply Concerns 

Iran and the United States are not currently engaged in talks. Iranian Foreign Minister Abbas Araqchi said Tehran would not resume negotiations while Washington remained in breach of an interim agreement signed in June. 

Meanwhile, concerns over regional oil supplies increased following an attack on a Saudi oil facility over the weekend. The Iran-aligned Houthis said they had targeted Saudi Aramco’s Jazan refinery on Sunday. 

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Attacks on Tankers Raise Supply Risks 

The latest developments came after Saudi Arabia signed a defence pact with Turkey and Pakistan amid rising regional instability linked to the US-Israeli war on Iran. 

Separately, the United Arab Emirates’ ADNOC said on Friday that 15 of its vessels had been attacked while transiting the Strait of Hormuz since the conflict began. 

Conclusion 

Oil prices are likely to remain sensitive to developments around the Strait of Hormuz, US-Iran relations and further attacks on regional energy infrastructure. Traders will look for concrete signs of a reopening before reducing geopolitical risk premiums. 

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