Hormuz Tensions Push Brent to $90 Before Oil Gives Back Gains

The Strait of Hormuz returned to the centre of global energy markets on Tuesday, August 11, 2026, as Brent crude climbed as high as $90.03 a barrel, its strongest level in more than a week, before pulling back later in the session.

The rally reflected continued concern over oil tanker traffic through the strategic waterway and uncertainty over how quickly disruptions to Middle Eastern energy flows can be resolved.

Prices later pared their gains as investors weighed signs of progress in talks between Oman and Iran over shipping through Hormuz. Brent slipped to around $87.51 a barrel, while U.S. West Texas Intermediate traded near $82.09 by 11:38 GMT. No substantive agreement restoring normal shipping had been announced at that point.

Shipping disruptions remain significant. Reuters reported that weekly oil exports through the strait had fallen to around 3 million barrels per day, from about 4.4 million barrels per day previously.

The impact extends beyond crude prices, with continued instability around Hormuz threatening to keep shipping and insurance costs elevated while adding to broader inflation concerns.