Brent Crude Jumps 1.44 Percent to $84.79 as Strait of Hormuz Uncertainty Persists

Brent crude futures rose 1.20 dollars (1.44 percent) to 84.79 dollars a barrel during Asian trading hours on Monday, August 10, 2026 (19 Mordad 1405), while West Texas Intermediate gained 1.08 dollars (1.12 percent) to 79.29 dollars, according to Reuters as carried by Iran's IRNA. In the same hours, Trading Economics and Oilprice.com both placed Brent near 84.40 dollars, with Trading Economics describing the move as the third consecutive session of gains.

The rise is driven mainly by continued uncertainty over reopening the Strait of Hormuz. Kazem Gharibabadi, Iran's deputy foreign minister for legal and international affairs, said an understanding between Iran and Oman on new transit arrangements for commercial vessels through the strait was nearing its final stage, but stressed this does not mean a full reopening. He described it as a different model from the past six decades of practice, one that would route a significant share of vessel transit through Iran's territorial waters, adding that Iran insists Hormuz's security should rest with the littoral states, without foreign military intervention.