Oil climbs near $90 amid rising Hormuz supply risks

August 11, 2026 (MLN): Oil prices remained firm on Tuesday at their highest level in more than a week as prospects for a US-Iran agreement weakened, raising concerns over continued disruption in the strategically important Strait of Hormuz.

Currently, Brent crude futures is up, 2.05%, at $89.52 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.75, or 2.13%, to $83.88 per barrel by [12:43 am] PST.

Both major oil benchmarks climbed more than 5% on Monday, reaching their highest levels since July 31. The gains followed US President Donald Trump’s demands that Iran compensate for people killed in wars, attacks and protests, after Tehran outlined conditions for a potential peace agreement, according to CNBC.

Trump later said the United States had control of the Strait of Hormuz and had cleared the key oil shipping route of Iranian mines. His remarks have added to uncertainty over the prospects of an agreement that could facilitate the reopening of the waterway.

The widening gap between Washington and Tehran over the terms of any potential deal has reduced optimism that had supported oil prices last week, according to market commentary.

Supply concerns were also reinforced after Saudi Aramco delayed the restart of its 400,000-barrel-per-day Jazan refinery until August 30. The postponement followed claims by the Houthis that the facility was targeted in two attacks on Sunday.

The Strait of Hormuz and Bab el-Mandeb remain key areas of concern for energy shipments, with potential restrictions or further incidents keeping shipping and insurance costs elevated and limiting energy flows.

Meanwhile, ADNOC has launched a tender to offer spot crude, marking its eighth such tender since the beginning of June as the UAE state-owned oil company seeks to move crude from within the Strait of Hormuz.

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