COMMODITY
Crude oil futures settle higher amid uncertainty over Strait of Hormuz reopening
Aug-11-2026

Crude oil futures ended sharply higher on Monday amid heightened uncertainty over a potential US-Iran deal aimed at ending the war and reopening the Strait of Hormuz. Meanwhile, Iran and Oman have yet to reach an agreement on reopening the waterway, with Tehran making the move contingent on securing a broader accord with the US.

Benchmark crude oil futures for September delivery surged by $3.95 or 5.05% to settle at $82.13 a barrel on the New York Mercantile Exchange. Brent crude for October delivery was up by $4.17 or 4.99% to settle at $87.72 a barrel on the New York Mercantile Exchange.


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