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Oil Prices Steady Near One-Week Highs

OBBM Network Editorial Staff
August 10, 2026
Oil Prices Steady Near One Week Highs

Oil prices have steadied near one-week highs as hopes of a peace deal between the US and Iran to end their war and reopen the Strait of Hormuz have faded. This comes after President Donald Trump demanded compensation for damage the US has incurred.

Oil Market Impact

Brent crude futures were flat at $87.81 a barrel, while US West Texas Intermediate crude futures held at $82.20 a barrel. Both benchmarks rose more than 5% on Monday to their highest since July 31.

According to Tim Waterer, chief market analyst at KCM Trade, the fading hopes of a peace deal have led to a decrease in optimism, resulting in a bid tone for oil prices. Additionally, the chokehold risk around the Strait of Hormuz and the Bab el-Mandeb remains highly significant, keeping insurance costs elevated and forcing longer shipping routes.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.

OBBM Network Editorial Staff

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Editorial team behind OBBM Network — independent, hyper-local journalism syndicated through HyperLocalLoop and OBBM Network TV.

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