Oil prices rise amid uncertainty over the Strait of Hormuz

 Oil prices rose on Monday, August 10, driven by persistent uncertainty surrounding the Strait of Hormuz and ongoing concerns over Middle Eastern supply. 

Brent crude futures gained approximately 1% to reach $84.40 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $78.80 per barrel. 

The price increase is linked to continued tensions in the Persian Gulf and ambiguity regarding the conditions for fully restoring commercial shipping through the Strait of Hormuz—a crucial transit route for Middle Eastern oil exports.

In late July, analysts polled predicted an average 2026 Brent crude price of $85.22 per barrel and WTI at $80.14 per barrel.