Oil Prices Rise Amid Hormuz Deal Uncertainty

Aug 10, 2026

61 min

Aug 10, 2026 00:31

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

## Market Volatility

Oil prices increased in early Asian trading on Monday due to ongoing uncertainty surrounding the reopening of the Strait of Hormuz. Despite diplomatic efforts, traders remain cautious as Iran's demands for US concessions complicate the situation.

## Current Prices

As of Monday morning in Tokyo, West Texas Intermediate crude was priced at $78.71 per barrel, while Brent crude reached $84.28. Murban crude also saw an increase, with prices at $80.25 per barrel. Natural gas prices rose to $2.719 per million British thermal units.

## Diplomatic Developments

Iran announced progress in negotiations with Oman to establish new shipping lanes through the Strait. However, Tehran insists that the US must agree to additional conditions before fully reopening the waterway.

## Impact on Global Markets

The Strait of Hormuz is crucial for global oil and LNG shipments. Its disruption since the US-Iran conflict began in February has significantly affected energy supplies and shipping costs. Oil prices remain sensitive to any diplomatic developments.

## Future Outlook

The market is closely watching whether Iran and Oman can finalize their shipping arrangement and if the US will accept the terms. The outcome will significantly impact Asian markets, which heavily rely on Gulf crude and LNG.

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