OIL prices extended their gains for a third consecutive session on Monday as uncertainty over the reopening of the Strait of Hormuz continued to heighten concerns over global energy supplies.
Brent crude rose above US$84 a barrel, while West Texas Intermediate (WTI) hovered around US$76.40 after easing from a more than 4 per cent jump in the previous session.
Market attention remained firmly focused on the strategic waterway after Iran said over the weekend that talks with Oman on establishing a new shipping route through the Strait of Hormuz were nearing an agreement.
Tehran, however, cautioned that any agreement would not result in the immediate reopening of the waterway.
Iran has also rejected direct negotiations with the United States for now, citing alleged breaches of an interim peace agreement reached in June.
Tehran continues to demand an end to the US naval blockade, the lifting of sanctions and compensation for war-related damage before agreeing to reopen the strategic shipping route.
US President Donald Trump, meanwhile, has signalled a patient approach as pressure mounts on Washington to reach a deal with Tehran.
Regional tensions have further clouded the outlook for energy markets, with Iran-backed Houthi militants in Yemen claiming an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. was reportedly attacked in the Strait of Hormuz over the weekend.
The developments have heightened concerns over the security of one of the world’s most important energy corridors, through which a substantial volume of global oil and gas shipments normally passes.
Meanwhile, the US dollar index hovered around 99.6 on Monday after falling sharply in the previous session, pressured by weaker-than-expected US employment data that strengthened expectations of a Federal Reserve rate cut.
US non-farm payrolls unexpectedly fell by 23,000 in July, while steep downward revisions to the previous two months pointed to a deterioration in labour-market conditions.
Markets now see about a 44 per cent probability of a 25-basis-point rate cut in September, down from 67 per cent a week earlier.
Investors are turning their attention to key US inflation data due this week for further clues on the Federal Reserve’s monetary policy outlook.
Financial markets are also continuing to monitor developments in the Middle East after Iran denied holding direct talks with Washington, despite US claims that an agreement was close. - August 10, 2026
