Brent Settles at $83.55 as Hormuz Deal Terms Stay Unclear

August 7, 2026

News summary: Reuters reported Brent gained $1.06 to settle at $83.55/bbl and WTI rose 89 cents to $78.18/bbl as traders assessed unresolved terms for controlling and reopening the Strait of Hormuz.

Market context: Only 33 vessels crossed Hormuz from Monday through Thursday versus 50 a week earlier, while proposed transit fees also raised sanctions, payment and insurance questions.