MacroAug 11, 2026, 12:35 PM

Oil rally extends as Strait of Hormuz reopen hopes fade

Brent crude rises for a fifth day to $90/barrel as markets doubt a U.S.-Iran deal will quickly reopen the key shipping lane.

Diplomatic optimism from U.S. officials about a near-term agreement with Iran is failing to convince oil markets that the Strait of Hormuz will soon be safely reopened. Skepticism about a quick breakthrough has instead extended the recovery in crude prices.

Brent futures advanced for a fifth consecutive session on Tuesday, touching $90 a barrel — the highest level in seven days. The sustained climb reflects traders pricing in a prolonged supply-risk premium for the critical chokepoint.

The rally underscores lingering concern that Iranian oil flows will remain constrained, even as Washington talks up the prospect of de‑escalation.

Source: FXStreet Forex News

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