Oil jumps again as Brent climbs to $83.15 a barrel

Oil prices rose in Friday trading on 16 Mordad 1405 (7 August 2026). According to Tasnim News Agency, reported by Ecoiran, Brent North Sea crude gained 66 cents to reach 83 dollars and 15 cents a barrel, while US light crude (WTI) rose 35 cents to 77 dollars and 64 cents. Donya-e-Eqtesad reported the same figures, and data source confirmed Brent's rise above 83 dollars on Friday. Prices had already jumped more than 3 dollars on Thursday, 15 Mordad, though both benchmarks remain on track for a weekly decline of more than 7 percent.

Vandana Hari, founder of oil market analysis firm Vanda Insights, said this week's signals about a possible Iran Oman agreement over the Strait of Hormuz have made market sentiment highly volatile, and it remains unclear what needs to happen for the deal to be finalized. Beyond the uncertainty over Hormuz, intensifying conflicts elsewhere in the region and concern over Red Sea shipping routes have also supported prices. Investors are also awaiting the US nonfarm payrolls report due out Friday afternoon, which could shape the outlook for Federal Reserve interest rates.