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U.S. oil hits $80 as Strait of Hormuz deal doubts weigh on markets

8/10/2026

Oil climbed to $80 a barrel for U.S. crude, a move driven by doubt over whether two governments can agree to keep a narrow waterway open.

That waterway is the Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea and serves as the main corridor for oil tankers leaving the Gulf region.

Washington and Tehran are the two governments in question, and the signals coming from both sides have been contradictory enough to move prices higher.

Why the strait's status moves oil prices Oil markets price risk well before a physical shortage arrives.