Shafaqna English- Crude oil prices experienced an upward movement on Monday(10 Aug 2026), primarily driven by growing geopolitical uncertainty surrounding the potential reopening of the Strait of Hormuz in the near term, following Iran’s announcement that although a maritime agreement with Oman to delineate new shipping corridors has reached its final stages, Tehran continues to maintain that Washington must first satisfy a series of additional prerequisites before the strategic waterway can be fully restored to normal operations.
By 0056 GMT, Brent crude futures had advanced by 91 cents, representing a 1.09% increase, to settle at $84.46 per barrel, while U.S. West Texas Intermediate crude futures recorded a gain of 61 cents, equivalent to a 0.78% rise, reaching a price level of $78.79 per barrel, reflecting the market’s immediate response to the heightened geopolitical tensions in the Persian Gulf region.