Brent Approaches $88

2026-08-10 18:25 By Joana Taborda 1 min. read

Brent rose approached $88 a barrel on Monday, extending gains for a fourth consecutive session and reaching its highest level in almost two weeks, as uncertainty mounted over a deal between the US and Iran to end the war and reopen the Strait of Hormuz.

US President Trump lashed out at Iran’s demands for war compensation as part of negotiations to wind down the conflict.

Tehran has said the US must lift its blockade before it would agree to fully reopen Hormuz.

Trump also signaled on Sunday that he was prepared to allow economic pressure on Iran to intensify rather than launch fresh military strikes.

Elsewhere, Houthi militants claimed responsibility for an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in the Strait of Hormuz over the weekend.

Meanwhile, crude inventories held in the US Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level since 1983, as the conflict continues.



News Stream
Brent Approaches $88
Brent rose approached $88 a barrel on Monday, extending gains for a fourth consecutive session and reaching its highest level in almost two weeks, as uncertainty mounted over a deal between the US and Iran to end the war and reopen the Strait of Hormuz. US President Trump lashed out at Iran’s demands for war compensation as part of negotiations to wind down the conflict. Tehran has said the US must lift its blockade before it would agree to fully reopen Hormuz. Trump also signaled on Sunday that he was prepared to allow economic pressure on Iran to intensify rather than launch fresh military strikes. Elsewhere, Houthi militants claimed responsibility for an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. came under attack in the Strait of Hormuz over the weekend. Meanwhile, crude inventories held in the US Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level since 1983, as the conflict continues.
2026-08-10
Brent Rises for 4th Session
Brent rose above $86 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