Oil rises as Hormuz deal hopes clash with Iran’s demands

Oil prices climbed in early Asian trading on August 10, 2026, as traders remained uncertain about a potential deal to reopen the Strait of Hormuz. West Texas Intermediate crude was at $78.71 a barrel, Brent crude at $84.28, and Murban crude at $80.25, all up from the previous trading session. Natural gas also rose, reaching $2.719 per million British thermal units.

Despite diplomatic efforts, traders worried an Iran-Oman agreement might not immediately restore unrestricted shipping. Iran reported nearing a final deal with Oman, but the reopening depended on additional concessions from Washington. The Strait of Hormuz disruption had been ongoing since late February's US-Iran conflict, making it a major threat to global energy supplies and shipping costs.

Oil prices were cautious, neither pricing a permanent closure nor assuming an immediate reopening, but rather uncertainty. The final deal's significance would depend on whether Iran and Washington agreed on terms, including Iran's control over inbound traffic and the lifting of US sanctions. Until these issues were resolved, traders expected oil prices to remain volatile.