Oil prices rose on the first trading day in Asia as uncertainty persisted over the reopening of the Strait of Hormuz. The report, published on August 10, 2026, said Brent crude futures gained 91 cents, or 1.09%, to $84.46 a barrel. U.S. West Texas Intermediate crude futures rose 61 cents, or 0.78%, to $78.79 a barrel.

Both benchmarks had fallen more than 7% last week after hopes emerged that the strait could reopen. Markets had anticipated a possible understanding between Iran and Oman that could allow the key maritime route to resume operations. Before the war began, roughly one-fifth of the world’s total oil was transported through the Strait of Hormuz.

Iran said an understanding with Oman was close to being finalized, but added that the United States still had to meet several conditions. The timing of any reopening therefore remains uncertain. That unresolved situation has kept volatility in the fuel market continuing, despite the earlier decline in oil prices linked to expectations of progress on the route.