Brent Crude Jumps 5 Percent Above $87, Extends Rally to a Fifth Straight Session

According to Bourse News, crude oil prices jumped about 5 percent early on Tuesday, August 11, 2026 (20 Mordad 1405), reacting to remarks by the US president and rising tensions. Brent rose to $87.70 a barrel, its highest level in nearly two weeks, while West Texas Intermediate gained 5.1 percent to $82.20, marking Brent's fourth consecutive session of gains. Bourse News said reports of an attack on Saudi Arabia's Jazan refinery and on a tanker belonging to Abu Dhabi's national oil company over the weekend, along with US strategic petroleum reserves falling to about 298.7 million barrels, their lowest since 1983, added to the price rise. The rally continued through midday: Sahmino's own price data showed Brent at $89.93 as of 11:49am local time, up 2.44 percent from the previous day, a fifth straight session of gains. Iran has said a safe reopening of the Strait of Hormuz depends on the United States ending its naval blockade of Iranian ports.