Financial Mirror10 Aug 2026

WTI jumps 3% on Iran conditions for Hormuz reopening

West Texas Intermediate rose 3.20% on Monday and traded around $78.80, with crude oil prices retaining strong daily gains, supported by uncertainty surrounding the reopening of the Strait of Hormuz and persistent tensions in the Middle East.

The Strait remains at the centre of market attention due to its strategic importance for world energy supplies. Around 20% of global energy supply passes through the waterway, making the oil market particularly sensitive to the risk of prolonged shipping...

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