Crude oil futures traded higher on Monday morning as uncertainty continued over the reopening of the Strait of Hormuz.
At 9.38 am on Monday, October Brent oil futures were at $84.44, up by 1.07 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.84, up by 0.84 per cent. August crude oil futures were trading at ₹7511 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹7424, up by 1.17 per cent, and September futures were trading at ₹7440 against the previous close of ₹7358, up by 1.11 per cent.
On Sunday, Abbas Araqchi, Foreign Minister of Iran, said that an agreement with Oman for reopening the Strait of Hormuz was in the final stages. He said the strait would not be reopened until the US meets other conditions of Iran.
Stating that Iran and the US are not engaged in direct talks, he said messages are being exchanged through intermediaries.
Apart from seeking full compensation for war damages, Iran wants all sanctions on it to be lifted. It is also seeking the release of all Iranian frozen funds.
Speaking to Axios, US President Donald Trump said, “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.”
Stating Iran is in very bad shape economically and has no money to pay its troops, Trump said the US naval blockade has exacerbated the Iranian regime’s economic crisis.
August natural gas futures were trading at ₹261.20 on MCX during the initial hour of trading on Monday against the previous close of ₹256.60, up by 2.19 per cent.
Published on August 10, 2026
