Oil prices rise as Hormuz talks, Red Sea attacks raise supply concerns

Oil prices rose on Thursday, August 6, 2026, as investors closely monitored ongoing negotiations between Iran and Oman over shipping through the Strait of Hormuz, while fresh reports of attacks on Saudi oil tankers in the Red Sea and Gulf of Aden heightened concerns about global energy supplies.

Brent crude futures rose 48 cents, or 0.6%, to $79.93 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 29 cents, or 0.39%, to $75.51 per barrel.

Market analysts said traders remain cautious despite signs of progress in the talks, noting that a previous memorandum of understanding reached in June failed to provide lasting stability.

The Chief Market Analyst at KCM Trade, Tim Waterer, investors remain wary that any new agreement could prove short-lived, keeping uncertainty high in the oil market.

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Iran’s Foreign Ministry said Tehran and Oman had agreed on the geographic coordinates for a shipping route through the Strait of Hormuz, with a joint announcement expected once outstanding issues involving third parties are resolved.

Sources familiar with the discussions told Reuters that a proposed agreement aimed at easing U.S.-Iran tensions would grant Iran greater control over vessels entering the Gulf through the Strait of Hormuz, marking a significant concession in the negotiations.

The Strait of Hormuz is a critical global energy corridor that handled about one-fifth of the world’s daily oil and liquefied natural gas shipments before the conflict erupted in late February. Ongoing uncertainty over access to the waterway continues to influence global oil prices.