Oil rises as uncertainty clouds Strait of Hormuz reopening

Published On 07 Aug, 2026
oil-rises-as-uncertainty-clouds-strait-of-hormuz-reopening

Brent crude futures rose 99 cents, or 1.2%, to $83.48 a barrel by 0010 GMT. U.S. West Texas Intermediate futures rose 85 cents, or 1.1%, to $78.84.

Oil futures settled ​up at over $3 a barrel on Thursday as Iran reviewed a bill to ​ban U.S. and Israeli vessels from the Strait of Hormuz where ⁠roughly a fifth of the world’s oil and liquefied natural gas transmitted before ​the war began at the end of February.

Prices fell earlier in the week as ​a possible solution to the ongoing conflict looked more likely but benchmark Brent breached $80 on Thursday after falling below that for the first time since July 13.

“Markets have already seen at least ​one short-lived arrangement earlier this year, so confidence that a new pact would ​fully restore normal tanker movements remains low,” said Tim Waterer, chief market analyst at KCM Trade, ‌noting ⁠skepticism had put a floor under prices.