MacroAug 11, 2026, 9:45 AM

WTI Crude Surges to $83.50 as Hormuz Reopening Hopes Fade

West Texas Intermediate crude rallied for a second day, reaching $83.50, after expectations for a reopening of the Strait of Hormuz diminished.

USOIL

Oil prices extended gains on Tuesday, with US benchmark West Texas Intermediate (WTI) touching a fresh high of $83.50 during European trading. The rally came as hopes for the imminent reopening of the Strait of Hormuz evaporated, calming supply concerns that had previously pressured prices.

The back-to-back daily gains mark a sharp reversal from last week’s cautious tone, driven by rising geopolitical uncertainty in the region.

Source: FXStreet Forex News

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