WANA (Aug 10) – Uncertainty over the future of the Strait of Hormuz and continued regional tensions have pushed global energy markets higher, reversing the temporary decline in oil prices that followed optimistic remarks by U.S. President Donald Trump and a drop toward the $77-per-barrel range last week.

 

Oil prices resumed their upward trend on Monday, August 10, 2026, amid ongoing concerns over the reopening of the strategic waterway. According to market data, Brent crude, the international benchmark, rose 1.2% to $84.58 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 1.1% to $79.28 per barrel.

 

International media outlets have cited the continued crisis surrounding the Strait of Hormuz and growing threats to regional energy routes as key factors behind the rise in prices. CNN reported that Iran’s announcement of six conditions for reopening the waterway has increased uncertainty in energy markets. The conditions reportedly include an end to U.S. attacks on Iran and its allies, the lifting of sanctions, the withdrawal of U.S. forces from areas surrounding Iran, and compensation for war-related damages.

 

At the same time, recent attacks by Yemen’s Houthi movement on Saudi energy infrastructure have further intensified concerns over the security of oil supply routes. According to reports, a drone attack targeting the Jizan refinery on Saudi Arabia’s Red Sea coast, along with threats against Saudi vessels in the Bab al-Mandab Strait, occurred while the Strait of Hormuz remains under significant restrictions.

 

Analysts have warned that simultaneous disruptions or risks affecting two major energy corridors — the Strait of Hormuz and the Bab al-Mandab Strait — could further increase pressure on global oil supplies. CNN also pointed to a 34.6% rise in gasoline prices in the United States compared with levels before the outbreak of the war, describing it as one of the consequences of heightened pressure on global energy markets.