Crude Oil Above $82

2026-08-10 18:23 By Joana Taborda 1 min. read

Crude oil rose above $82 a barrel on Monday, extending gains for a third consecutive session and reaching its highest level in a week, 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.



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