Oil jumps 5% as US-Iran standoff dims Hormuz reopening
Why it matters: Brent settled at $87.72 and WTI at $82.13 as traders priced in longer supply disruptions through the key shipping route.
Oil prices climbed about 5% on Aug. 10 after Iran and the United States traded fresh demands that clouded prospects for reopening the Strait of Hormuz, a chokepoint that previously carried about a fifth of global oil and LNG flows. Brent crude settled up $4.17 at $87.72 a barrel, while US West Texas Intermediate gained $3.95 to $82.13. Iran said a final pact with Oman on new shipping lanes was nearing, but tied any reopening to US compensation, sanctions relief and an end to military threats. President Donald Trump also demanded compensation from Iran and separately claimed US forces fully controlled the strait. The rally reversed part of last week's more than 7% drop on hopes of a near-term deal.
Sources
Earlier in this story
- 4 hours agoTrump Opts for Economic Pressure on Iran, Delays New Strike Option
- 12 hours agoPakistan says US-Iran Hormuz talks near deal as oil eases
- 12 hours agoOil jumps 5% as US-Iran standoff dims Hormuz reopeningreading now
- 21 hours agoIran Holds Opening of Strait of Hormuz Pending U.S. Demands
- 25 hours agoTrump opts to pressure Iran’s economy as Hormuz dispute drags on
- 28 hours agoTrump and Iran clash over reparations as Hormuz standoff hardens
- 40 hours agoTrump demands Iran pay compensation as waterway dispute deepens
- Aug 10Trump shifts to economic pressure as Iran stalls Hormuz deal
- Aug 10Iran sets new U.S. terms, stalling Strait of Hormuz reopening
- Aug 10Top U.S. general maps exit strategy from war with Iran
- Aug 10Trump seeks Iran war end as he weighs fallout at home