U.S. oil price hits $80 as doubt grows Washington and Tehran will reach Strait of Hormuz deal
Brent crude climbed to $84.63 a barrel as Tehran denied talks, while shipping through Hormuz ran below 10% of prewar levels, Kpler said.
- On Aug 10, international oil prices surged with Brent crude rising $1.08 to $84.63 a barrel and U.S. crude climbing $0.84 to $79.02, as traders doubted a deal would reopen the Hormuz Strait, through which 20% of the world's hydrocarbons normally flow.
- Supreme National Security Council chief Mohammad Bagher issued six conditions for reopening the waterway, including lifting sanctions and unblocking frozen assets, while President Donald Trump argued economic pressure would force Iran to back down.
- Brussels-Based maritime intelligence provider Kpler reported daily movements through the strait have fallen to about 12 a day, representing less than 10% of pre-war levels compared with 130 in January and February.
- Iranian Foreign Minister Abbas Araghchi contradicted President Donald Trump's breakthrough claims on Aug 9, denying an imminent deal while acknowledging the two nations were engaging without face-to-face talks.
- Westpac warned that risks remain elevated outside the strait, with Houthi groups in Yemen continuing attacks and threats against Saudi-linked shipping in the Red Sea and around the Bab el Mandeb Strait, interrupting alternative supply routes.
136 Articles
136 Articles
Oil climbs over $1 on tanker attacks, no progrees on peace
HOUSTON, Aug 14 : Crude oil futures climbed over $1 a berrel on Friday on tanker attacks and a lack of progress on a peace agreement between the Trump administration and Iran's leadership.Brent futures settled at $88.52 a barrel, up $1.45, or 1.67 per cent. U.S. West Texas Intermediate crude futures finished
Increasing uncertainty on the path to reaching an agreement and stopping US aggression against Iran, and continuing restrictions on transportation in the Strait of Hormuz, once again caused oil prices to rise in global markets.
Uncertainties over the Iran war continue to loom over the global trade outlook
The collapse of the memorandum of understanding (MoU) between the US and Iran has reintroduced near-term risks to global trade growth. Ripple effects will continue to threaten wider disruptions resulting from higher energy prices and reduced access to major inputs like chemicals and fertiliser. Elevated insurance premiums and longer transit times will maintain upward pressure on regional and global sea freight rates, lifting global logistics cos…
A Prolonged Hormuz Closure Could Send Crude to $140 As U.S.-Iran Deal Remains Elusive
Oil prices remain far below the surge above $100 a barrel last month and the peak of more than $110 reached in May, but analysts say the relative calm may become increasingly difficult to sustain.
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