What’s Moving Oil and GBP/USD Right Now
FXStreet reported that WTI crude jumped more than 6% on 10 August 2026 to trade near $81.70 a barrel, erasing the prior week’s losses, as uncertainty over the reopening of the Strait of Hormuz kept the geopolitical risk premium firmly in place. Brent crude was reported by Trading Economics to be trading above $83 a barrel over the same period, with Iran-backed Houthi militants also reported to have claimed an attack near a Saudi Arabian refinery, adding to supply-side nerves.
The Strait of Hormuz Standoff
FXStreet reported that Iran said shipping-lane talks with Oman were in their final stages, though a full reopening of the waterway was still likely to depend on progress in broader US-Iran diplomacy, which remained stalled. That combination — apparent progress on a narrow technical arrangement, but no resolution to the wider standoff — is a large part of why oil prices have swung sharply in both directions across the past few sessions.
