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FrontRow · Aug 11, 2026

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Oil prices moved sharply higher on Tuesday, amid dwindling hopes of a U.S.-Iran deal to fully reopen the Strait of Hormuz, despite Washington's fresh efforts to boost fuel flows. U.S. West Texas Intermediate futures were 2.7% higher at $84.36 a barrel at 4:30 a.m. ET, at their highest level this month. International benchmark Brent crude was up 2.53% at $89.94 a barrel. The Trump administration on Monday extended its suspension of a shipping law restricting the transport of goods between American ports to U.S. vessels, while narrowing the waiver only to vessels hauling certain energy resources. The move came after data showing U.S. crude oil stockpiles have fallen to their lowest level in more than four decades

Oil prices moved sharply higher on Tuesday, amid dwindling hopes of a U.S.-Iran deal to fully reopen the Strait of Hormuz, despite Washington's fresh efforts to boost fuel flows. U.S. West Texas Intermediate futures were 2.7% higher at $84.36 a barrel at 4:30 a.m. ET, at their highest level this month. International benchmark Brent crude was up 2.53% at $89.94 a barrel. The Trump administration on Monday extended its suspension of a shipping law restricting the transport of goods between American ports to U.S. vessels, while narrowing the waiver only to vessels hauling certain energy resources. The move came after data showing U.S. crude oil stockpiles have fallen to their lowest level in more than four decades

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