WASHINGTON, United States: Global crude oil prices rose on Tuesday, August 11, 2026, as negotiations between the United States and Iran over the Strait of Hormuz stalled. West Texas Intermediate crude rose 1.5 per cent to $83.37 per barrel, while Brent North Sea Crude increased 1.3 per cent to $88.85 per barrel. BNZ analyst Jason Wong said, “In the absence of any positive headlines on negotiations to reopen the strait, pressure on oil prices has been upward.” Quintex Intel global strategist Stephen Innes said, “In effect, both sides are trying to weaponise the oil barrel without firing another shot. Elevated oil prices revived inflation concerns and increased expectations of interest rate hikes by the Federal Reserve, despite a loss of more than 20,000 jobs in the United States economy last month.