Shafaqna English- Crude oil prices surged on Friday(7 Aug 2026), with Brent jumping more than a dollar a barrel amid mounting anxieties over the fate of the Strait of Hormuz. The negotiations currently underway to determine the strategic waterway’s governance and reopening timeline remain bogged down in uncertainty. This diplomatic stalemate has reignited supply concerns in global energy markets, as roughly one-fifth of the world’s petroleum passes through this narrow chokepoint. The lack of progress has effectively added a geopolitical premium to crude valuations.
By the end of Friday’s trading session, Brent crude futures had closed at $83.55 a barrel, reflecting a gain of $1.06, which translates to a 1.3% increase. Meanwhile, West Texas Intermediate futures settled at $78.18 a barrel, posting a rise of 89 cents, or 1.15%, as both benchmarks moved in tandem on geopolitical supply concerns.