{"id":37025,"date":"2026-08-10T19:15:37","date_gmt":"2026-08-10T14:15:37","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=37025"},"modified":"2026-08-10T19:15:37","modified_gmt":"2026-08-10T14:15:37","slug":"oil-prices-climb-as-doubts-strait-of-hormuz-will-open-anytime-soon-grow","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=37025","title":{"rendered":"Oil prices climb as doubts Strait of Hormuz will open anytime soon grow"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<p>The price of oil rose on international markets Monday on fears a deal to end the standoff that has effectively closed the Hormuz Strait, through which 20% of the world&#8217;s hydrocarbons are normally shipped, could be some time off amid a lack of clarity from United States and Iran. File photo by Neil Hall\/EPA\/<\/p>\n<div id=\"\">\n<p><span class=\"story_dl\">Aug. 10 (UPI) &#8212;<\/span> The price of oil rose on international markets Monday on fears a deal to end the standoff that has effectively closed the Hormuz Strait, through which 20% of the world&#8217;s hydrocarbons are normally shipped, could be some time off amid a lack of clarity from United States and Iran.<\/p>\n<p>The benchmark Brent contract for October delivery was up $1.08 at $84.63 a barrel in early afternoon trade in London while the contract for American crude for September delivery was up 84 cents at $79.02 a barrel after Tehran denied it was in talks with Washington.\n<\/p>\n<p>Iranian Foreign Minister Abbas Araghchi in comments Sunday evening <a href=\"https:\/\/www.cnbc.com\/2026\/08\/10\/oil-prices-today-brent-wti-hormuz-trump-iran.html\" target=\"_blank\">contradicted claims by senior U.S. officials<\/a>, including U.S. President <a href=\"https:\/\/www.upi.com\/topic\/Donald_Trump\/\" target=\"_blank\" title=\"Donald Trump\" class=\"tpstyle\">Donald Trump<\/a>, that a breakthrough on reopening the key waterway was just around the corner. Araghchi did acknowledge the two sides were engaging, just not face-to-face.\n<\/p>\n<p>Trump said the <a href=\"https:\/\/www.nytimes.com\/2026\/08\/09\/business\/oil-stocks-iran-war.html\" target=\"_blank\">economic and inflationary pressure<\/a> on Iran would, he believed, would prove too much for Iran and in due course it would back down.<\/p>\n<p>Hours earlier Tehran issued six conditions, ranging from ending hostilities against Iran and its partners and paying war reparations to lifting sanctions and unblocking frozen Iranian assets, with supreme national security council chief Mohammad Bagher saying the strait would remain closed until the United States acceded to Iran&#8217;s demands.<\/p>\n<p>The ultimatum came days after it was reported that Iran and Oman were in the latter stages of a bilateral agreement to manage commercial shipping using the strait when it reopened. Under the proposed deal, vessels inbound to the Persian Gulf would sail through Iranian waters while those exiting would do so via Omani waters.<\/p>\n<p>That arrangement is significant because it means eastbound vessels, those loaded with crude oil and gas, would remain in Oman&#8217;s territorial waters.<\/p>\n<p>Citi told CNBC that the U.S. position was it could only accept unrestricted freedom of navigation with no Iranian &#8220;gatekeeping,&#8221; tolls or any other form of control over the strait, as per the situation prior to the conflict.<\/p>\n<p>The bank warned events beyond the strait were also of concern.\n<\/p>\n<p>&#8220;Risks remain elevated outside Hormuz too, with Houthi groups in Yemen continuing attacks and threats against Saudi-linked shipping in the Red Sea and around [the] Bab el Mandeb [strait],&#8221; said Citi.<\/p>\n<p>Westpac said in a note that six months into the war, the uncertainty level was a high as ever with the Hormuz Strait to all intents closed and the involvement of the Houthis &#8220;interrupting alternative Red Sea supply routes.&#8221;<\/p>\n<p>Ships continue to sail through the strait, including over the weekend, but daily movements are less than 10% of pre-war levels, about 12 a day, compared with 130 in January and February, said Brussels-based maritime intelligence provider Kpler.<\/p>\n<p>The firm said there had as yet been no fall in movements through the Bab el Mandeb Strait in response to Houthi threats to attack Saudi Arabia&#8217;s maritime trade, with traffic Friday through Sunday holding at the recent daily average of little less than 40 vessels.<\/p>\n<p>However, traffic through the strait was already subdued and has been since November 2023 when the Houthis declared open season on shipping &#8220;in solidarity with <a href=\"https:\/\/www.upi.com\/topic\/Gaza\/\" target=\"_blank\" title=\"Gaza\" class=\"tpstyle\">Gaza<\/a>&#8221; in the wake of Israel&#8217;s military offensive on the Palestinian enclave in response to the Oct. 7 attacks.\n<\/p>\n<div class=\"slide-image-container\" onclick=\"st_ss_sh179();\">\n\t\t\t<img loading=\"lazy\" decoding=\"async\" class=\"lazy\" src=\"https:\/\/cdnph.upi.com\/collection\/ph\/upi\/16779\/76001b5f28192ef0d85a1131d8b4c6e6\/This-week-in-Washington_1_1.jpg\" style=\"width: 100%;\" width=\"645\" height=\"431\"\/><\/p><\/div>\n<div class=\"stph_caption\">President Donald Trump hosts Olympic and Paralympic medal-winning athletes during a reception for Team USA in the East Room of the White House on Thursday. The reception honored the team\u2019s medal achievements during this year\u2019s Winter Games, where American athletes earned 57 total medals, including 25 gold. Photo by Aaron Schwartz\/UPI | <a href=\"https:\/\/www.upi.com\/News_Photos\/lp\/76001b5f28192ef0d85a1131d8b4c6e6\/\" target=\"_blank\">License Photo<\/a><\/div>\n<\/p><\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>The price of oil rose on international markets Monday on fears a deal to end the standoff that has effectively closed the Hormuz Strait, through which 20% of the world&#8217;s hydrocarbons are normally shipped, could be some time off amid a lack of clarity from United States and Iran. File photo by Neil Hall\/EPA\/ Aug&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":37026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cdnph.upi.com\/sv\/ph\/og\/upi_com\/5881786361765\/2026\/1\/959b6637abc2278b586d1c3dbfbf84fc\/v1.5\/Oil-prices-climb-as-doubts-Strait-of-Hormuz-will-open-anytime-soon-grow.jpg","fifu_image_alt":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-37025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-hub"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/37025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37025"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/37025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/37026"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}