Oil Prices Surge Amid Strait of Hormuz Uncertainty

Oil prices surged on August 7, 2026, as traders weighed uncertainty over the Strait of Hormuz ahead of key US jobs data. The main oil contracts rose, with Brent crude adding nearly 4 per cent and WTI adding nearly 3 per cent.

Again Capital's John Kilduff said that the situation was 'far from settled,' which dampened expectations about a potential agreement to bar US and Israeli vessels from entering the Strait.

The rebound in oil prices weighed on US equity markets, with the Dow retreating from a record close and the Nasdaq ending flat. Traders were also awaiting developments surrounding the Strait of Hormuz, which added to the uncertainty.