Strait of Hormuz Tensions Send Oil Prices Soaring Again
Oil prices rose for the second consecutive session on August 7, 2026, due to renewed uncertainty over shipping through the Strait of Hormuz. Brent crude futures increased by $0.85, or 1.03%, to trade at $83.34 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $0.52, or 0.67%, to $77.81 per barrel.
The gains followed a sharp rally on Thursday after Iran reviewed legislation that could restrict United States and Israeli vessels from passing through the Strait of Hormuz, one of the world's busiest oil transit routes, responsible for transporting nearly 20% of global oil and liquefied natural gas.
Fresh market jitters emerged after Iran, in partnership with Oman, proposed new regulations that would deny passage to ships considered hostile and impose significant financial penalties on vessels that violate the rules.