Brent crude futures closed US$4.17, or 4.99%, higher at US$87.72 a barrelVessels in the Strait of Hormuz, as seen from Musandam, Oman, Aug 3, 2026. PHOTO: REUTERS[HOUSTON] Oil prices settled 5 per cent higher on Monday (Aug 10) after Iran and the United States traded demands for compensation, dimming prospects for a deal to reopen the Strait of Hormuz. Brent crude futures settled up US$4.17, or 4.99 per cent, at US$87.72 a barrel, while US West Texas Intermediate crude futures closed US$3.95, or 5.05 per cent, at US$82.13. “With Iran making the added demands, most traders feel near term, tighter supplies are more probable for longer,” Kissler added. Ukrainian strikes hit the Taneco oil refinery in Tatarstan and the ZapSibNeftekhim petrochemical plant in Russia’s Tyumen region.