Oil gains on renewed Hormuz supply concerns

August 10, 2026 (MLN): Oil prices rose on Monday as markets weighed conflicting signals from the United States and Iran over efforts to end the conflict and reopen the Strait of Hormuz.

Currently, Brent crude futures is up, 0.53%, at $83.99 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.31, or 0.40%, to $78.49 per barrel by [10:51 am] PST.

Iranian Foreign Minister Abbas Araghchi said Tehran is not currently engaged in direct negotiations with Washington to end the war or secure the reopening of the strategic waterway. The statement contrasts with earlier U.S. indications that an agreement could be close.

Iran has also reportedly demanded compensation from the United States as a condition for reopening the Strait of Hormuz, according to the Independent, according to CNBC.

Mohammad Bagher Zolghadr, head of Iran’s Supreme National Security Council, reportedly said the waterway would remain closed until Washington meets six conditions, including an end to what Tehran considers U.S. aggression against Iran and its allies.

The United States, meanwhile, insists that any reopening of the Strait must guarantee unrestricted freedom of navigation and cannot be subject to Iranian approval, tolls or controls, according to Citi.

The bank also warned that risks extend beyond Hormuz, with Houthi forces in Yemen continuing attacks and threats against Saudi-linked shipping in the Red Sea and around Bab el-Mandeb.

Westpac said uncertainty remains elevated as the conflict enters its sixth month, noting that the Strait of Hormuz remains effectively closed while Houthi involvement is disrupting alternative shipping routes through the Red Sea.

The U.S. Central Command said that, as of Aug. 9, it had redirected 55 commercial vessels, disabled two and boarded two vessels to ensure compliance.

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