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Line chart showing Brent crude oil's daily closing price reversing higher in early August 2026.

Iran's foreign minister set new preconditions for reopening the Strait of Hormuz, demanding sanctions relief and war reparations before any deal takes effect. Brent crude climbed back above $84.70 Monday morning, reversing part of the prior week's 7.3% decline within hours of the open. Shipping through the strait remains a fraction of pre-war levels, with eight to fifteen vessels crossing daily versus roughly 130 before the conflict began. A separate Houthi attack on a Saudi refinery underscored that Hormuz is not the only chokepoint risk still active.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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