{
  "id": 429021,
  "title": "Oil price today: Brent crude jumps over 1% as traders await Hormuz reopening",
  "url": "https://urgent.news/2026/08/10/oil-price-today-brent-crude-jumps-over-1-as-traders-await-hormuz",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-10T02:05:36.000Z",
  "source": {
    "name": "Times of India",
    "slug": "times-of-india",
    "url": "https://timesofindia.indiatimes.com/business/india-business/oil-price-today-brent-crude-jumps-over-1-as-traders-await-hormuz-reopening/articleshow/133077402.cms"
  },
  "original_language": "en",
  "account": "Oil prices surged over 1% on Monday as investors awaited news of the potential reopening of the Strait of Hormuz. Brent crude climbed 1.32% to $84.65 per barrel, while West Texas Intermediate crude rose 1.04% to $78.99 per barrel. The jump followed a more than 7% drop in both benchmarks last week, following reports that Iran and Oman were nearing a deal that could restore shipping through the strategic waterway, which carries a fifth of the world's oil. Iran and Oman were reportedly close to finalizing an agreement, but Tehran demanded additional concessions from Washington first. Iranian Foreign Minister Abbas Araqchi stated that the deal was nearly complete, but the waterway's reopening would only occur once the US met Iran's conditions and lifted sanctions and military threats. Iran and the US have not engaged in direct talks, with negotiations happening through intermediaries. Meanwhile, Houthi rebels aligned with Iran attacked Saudi Aramco's Jazan refinery on Sunday, causing a fire that was extinguished without injuries. The Houthis also targeted shipping in the Red Sea and Gulf of Aden, disrupting oil supply routes. The UAE's ADNOC reported that 15 of its vessels were attacked while passing through the Strait of Hormuz since the conflict began. Uncertainty over the security of oil shipments persisted as markets monitored the possibility of the Strait of Hormuz reopening, though the price surge was less severe than the $126 per barrel peak during the war.",
  "summary": "On Monday, oil prices surged amid ongoing uncertainty surrounding the reopening of the Hormuz Strait. While Iran and Oman are closing in on an agreement for a shipping lane, Iran's demands for concessions from the U.S. linger. Adding to market tensions, Houthi rebels targeted Saudi Aramco's Jazan refinery, igniting a fire, along with numerous attacks in the Red Sea and Gulf of Aden, raising…",
  "key_points": [
    "Brent crude jumps 1.32% to $84.65 per barrel",
    "West Texas Intermediate rises 1.04% to $78.99 per barrel",
    "Strait of Hormuz reopening pending Iran-US sanctions deal"
  ],
  "editors_take": "The potential reopening of the Strait of Hormuz, driven by progress in Iran's negotiations with the US, now holds greater sway over oil prices than recent attacks on shipping routes.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}