TLDR
- Brent crude rose 0.5% to $83.98 and WTI gained 0.3% to $78.44 on Monday
- Iran says a Hormuz shipping deal with Oman is “very close” but warns it won’t reopen immediately
- Houthi militants claimed an attack on Saudi Arabia’s Jazan refinery near the Red Sea
- An Abu Dhabi National Oil Co. tanker was targeted in the Strait of Hormuz over the weekend
- Ukraine agreed not to target non-Russian tankers, easing some supply risks in the Black Sea
Oil prices rose on Monday but pulled back from session highs as traders weighed progress in Hormuz negotiations against continued attacks on energy infrastructure across the Middle East.
Brent crude futures climbed 0.5% to $83.98 a barrel. West Texas Intermediate added 0.3% to reach $78.44. Both benchmarks had gained more than 5% over the prior three sessions.
Hormuz Deal Close But Not Imminent
Iran’s Foreign Minister Abbas Araghchi said over the weekend that an agreement with Oman to create a shipping route through the Strait of Hormuz was “very close.” The strait is one of the world’s most important oil chokepoints.
BREAKING: President Trump has been floating the idea privately to senior aides that he's willing to "walk away" from the Iran War without a nuclear deal should Iran fully reopen the Strait of Hormuz, per WSJ.
Details include:
1. This objective reportedly became "more difficult"…
— The Kobeissi Letter (@KobeissiLetter) August 9, 2026
Araghchi warned, however, that any deal would not immediately reopen the waterway. That tempered market hopes for a quick return to normal energy flows.
Iran ruled out direct talks with the United States for now, saying Washington had violated the terms of an interim peace agreement reached in June. Tehran also repeated its conditions for a full reopening, including an end to the U.S. naval blockade, removal of sanctions, and compensation for war damage.
Washington said it is involved in discussions over the management of the waterway. Tehran disputes that claim.
President Trump told Axios on Sunday the U.S. was now “low-keying it” on Iran, signaling patience after weeks of threatening military strikes.
Houthi Attacks Add to Supply Fears
Iran-backed Houthi militants claimed responsibility for an attack on Saudi Arabia’s Jazan refinery near the Red Sea. Saudi Arabia confirmed a fire broke out at the Aramco facility in Jazan and said it had been extinguished.
A tanker operated by Abu Dhabi National Oil Co. was also targeted in the Strait of Hormuz over the weekend. The company confirmed three of its tankers were attacked while transiting the strait last week.
Houthi forces also claimed a large-scale attack on Yemen’s Saudi-aligned government and said they struck a Saudi tanker in the Gulf of Aden.
ANZ analysts noted oil had a volatile week. Prices initially dropped after the U.S. paused strikes on Iran to allow talks, then recovered when it became clear any reopening could still place restrictions on vessels using the strait.
Prices jumped on Friday after Iran’s semi-official Fars news agency reported attacks on targets near Qeshm Island.
Black Sea Risks Ease Slightly
Some supply pressure eased after Ukraine agreed not to target certain non-Russian oil tankers or Black Sea energy infrastructure critical to Kazakhstan’s crude exports.
The Caspian Pipeline Consortium terminal had faced repeated attacks in recent weeks, putting roughly 1.8 million barrels per day of Kazakhstan’s exports at risk. The Ukraine agreement offers some relief for that supply route.
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