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Oil Prices Surge on Iran-Oman Deal Hopes Amid Strait of Hormuz Tensions

Guavy AI Editorial Team Published August 10, 2026

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Oil

Oil prices have surged due to renewed hopes for an Iran-Oman deal that could ease tensions in the Strait of Hormuz.

Brent crude futures rose by 1.09% to $84.46 a barrel, while US West Texas Intermediate (WTI) crude advanced by 0.84% to $78.84 per barrel.

The gains came despite conflicting diplomatic signals over the Strait of Hormuz, which carries a fifth of the world's oil and gas shipments.

Traders have become increasingly sensitive to every shift in language from Tehran, Washington, and Muscat, prioritizing signals over settled facts.

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