Brent crude rises above $90 as Iran-US standoff keeps Hormuz Strait blocked

Tuesday 11 August 2026 - 12:30

By: Sahili Aya

Brent crude rises above $90 as Iran-US standoff keeps Hormuz Strait blocked

Oil prices climbed sharply on Tuesday as financial markets reacted to the continued disruption in the Strait of Hormuz and the absence of progress between Iran and the United States.

The latest move pushed the benchmark Brent contract briefly above the $90-a-barrel threshold, highlighting renewed concerns about the security of one of the world's most important energy transit routes.

At around 8:30 GMT, October Brent crude was trading at $89.88 a barrel, up 2.46%, after briefly reaching $90.02. The US benchmark West Texas Intermediate (WTI), for September delivery, was also higher, gaining 2.67% to $84.32 a barrel.

Hormuz disruption drives renewed market anxiety

The latest gains reflect growing concern that the disruption affecting the Strait of Hormuz could persist.

The strategic waterway is a crucial route for international energy shipments, making any prolonged interruption a major concern for traders and consumers. Continued uncertainty over its reopening has increased the risk premium attached to crude oil prices.

Markets are particularly focused on the widening gap between Washington and Tehran over the conditions required to restore normal traffic through the strait.

Iran and United States remain at odds

Negotiations between Iran and the United States have failed to produce a breakthrough, with both sides maintaining positions that appear difficult to reconcile.

For oil traders, the lack of an agreement has transformed a geopolitical dispute into a direct market risk. Every indication that the blockade could continue increases fears of tighter supplies and potentially higher energy costs.

The latest price movement suggests that investors are once again pricing in the possibility of a prolonged disruption rather than assuming a rapid return to normal shipping conditions.

Brent approaches a key psychological threshold

The move above $90 is significant because the level represents an important psychological benchmark for energy markets.

Brent has become increasingly sensitive to developments surrounding the Middle East, with traders monitoring diplomatic statements and shipping conditions for signs that the situation could ease.

If the disruption persists, the impact could extend beyond crude prices, potentially affecting fuel costs, transportation expenses and inflation expectations in economies dependent on imported energy.

For now, the market remains focused on the Strait of Hormuz and the prospect of renewed diplomatic engagement between Iran and the United States. Until greater clarity emerges, geopolitical developments are likely to remain a dominant force behind oil-price movements.