Oil Prices Touch US$84.32 as Hormuz Strait Remains a Concern
Crude oil prices strengthened again in trading on Monday (10/8/2026), as the market was once again overshadowed by uncertainty regarding the opening of the Strait of Hormuz.
Based on Refinitiv data at 09.45 WIB, the price of Brent was recorded at US$84.32 per barrel. This price rose 0.92% compared to Friday’s (7/8) close of US$83.55 per barrel. Meanwhile, the price of West Texas Intermediate (WTI) oil stood at US$78.68 per barrel, up 0.64% from US$78.18 per barrel in the previous session.
The increase occurred after oil prices experienced significant pressure throughout the previous week. Brent fell from US$90.12 per barrel on 31 July to US$83.55 on 7 August, a drop of 7.29%.
The change in oil price direction came as the market again faced uncertainty regarding the opening of the Strait of Hormuz. On Sunday, Iran stated that talks with Oman concerning an agreement governing shipping lanes in the Strait of Hormuz had entered the final stages. However, Tehran still mentioned that there are a number of conditions that must be met by the United States before the route is reopened. This situation leaves the market without certainty as to when tanker traffic can return to normal.
Previously, expectations of a deal had pressured oil prices. In early August, the price of Brent fell below US$80 per barrel for the first time since 13 July. However, the market became cautious again after details emerged regarding the shipping rules being discussed by Iran and Oman.
Iran is reviewing a draft regulation that could ban United States, Israeli, and other vessels deemed hostile from transiting the Strait of Hormuz. Violations of these rules could incur fines of up to 20% of the cargo value. Iran also wants a levy of around 5%-7% of the cargo price for ships passing through the strait. Oman is discussing a levy of around 3%, while the United States wants no levy at all.
The draft agreement faces other issues. Several industry sources said United States sanctions and insurance provisions make the payment and shipping mechanisms through the strait difficult to implement.
Supply risks also returned to the spotlight after Saudi Arabian oil facilities were attacked over the weekend. The Houthi group, which is allied with Iran, stated it had attacked the Saudi Aramco Jazan refinery on Sunday. The attack occurred two days after Saudi Arabia signed a defence pact with Turkey and Pakistan amid rising regional tensions.
In the Gulf region, UAE energy company ADNOC previously stated that 15 of its vessels had been attacked while transiting the Strait of Hormuz since the conflict began.
The market is now facing two opposing developments. Hopes of reaching an agreement could open the door for a recovery in trade flows and pressure oil prices. Conversely, unclear shipping rules and attacks on energy infrastructure and vessels sustain the risk of supply disruption.
Tim Waterer, Chief Market Analyst at KCM Trade, said market participants are still waiting for concrete evidence before reducing the risk premium, such as verified tanker movements or a formal agreement.