Brent Rises for 4th Session

2026-08-10 09:17 By Agna Gabriel 1 min. read

Brent crude oil rose above $84 per barrel on Monday, extending gains for a fourth consecutive session as uncertainty over the Strait of Hormuz continued to support prices.

Iran and Oman have yet to finalize an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over how quickly a deal could be reached.

Iranian Foreign Minister Abbas Araghchi said Tehran is not currently holding direct talks with the US and reiterated that reopening Hormuz would require Washington to lift its blockade of Iranian shipping and provide compensation for damages.

This contrasts with earlier US indications that an agreement could be close, while President Donald Trump said Washington was now “low-keying it.” Elsewhere, Iran-backed Houthi militants in Yemen claimed an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in Hormuz over the weekend.



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Brent Rises for 4th Session
Brent crude oil rose above $84 per barrel on Monday, extending gains for a fourth consecutive session as uncertainty over the Strait of Hormuz continued to support prices. Iran and Oman have yet to finalize an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over how quickly a deal could be reached. Iranian Foreign Minister Abbas Araghchi said Tehran is not currently holding direct talks with the US and reiterated that reopening Hormuz would require Washington to lift its blockade of Iranian shipping and provide compensation for damages. This contrasts with earlier US indications that an agreement could be close, while President Donald Trump said Washington was now “low-keying it.” Elsewhere, Iran-backed Houthi militants in Yemen claimed an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in Hormuz over the weekend.
2026-08-10
Brent Holds Gain on Hormuz Uncertainty
Brent traded above $83 per barrel on Monday, holding recent gains as uncertainty persisted over efforts to reopen the Strait of Hormuz. Iran said over the weekend that talks with Oman on establishing a shipping route through the strategic waterway were nearing an agreement, but warned that any arrangement would not lead to an immediate reopening of Hormuz. Tehran also rejected direct negotiations with the US for now, citing breaches of the interim peace deal reached in June, while maintaining demands for an end to the US naval blockade, the lifting of sanctions and compensation for war damages. Meanwhile, President Donald Trump signaled patience amid mounting pressure on the US to reach a deal with Tehran. Elsewhere, Iran-backed Houthi militants in Yemen claimed an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in Hormuz over the weekend.
2026-08-09
Brent Rises but Posts Weekly Loss on Hormuz Uncertainty
Brent crude oil rose above $83 per barrel on Friday, but still recorded a more than 7% decline over the week. Prices remained highly sensitive to developments surrounding a potential Iran-Oman agreement to restore shipping through the Strait of Hormuz, which could return millions of barrels of Middle Eastern oil to global markets. However, uncertainty persisted, with Abu Dhabi National Oil Co. reporting attacks on three vessels transiting Hormuz and Iran reportedly targeting vessels it considers hostile. President Donald Trump maintained that negotiations were progressing, but differences remain over conditions for reopening the waterway. Meanwhile, Iran-backed Houthis claimed a large-scale attack against Saudi-aligned forces in Yemen. Oil reversed some gains in post-settlement trading after reports that the US could lift its naval blockade once commercial shipping through the strait resumes without restrictions.
2026-08-07