A person works near an oil tanker docked at the Port of Fujairah, as the US-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, May 6, 2026. (File photo: REUTERS/Amr Alfiky)
11 Aug 2026 11:21PM
(Updated: 12 Aug 2026 05:25AM)
NEW YORK: Oil prices bounced around before finishing higher Tuesday (Aug 11) while global stocks were mixed as markets awaited a key inflation report expected to influence upcoming monetary policy decisions.Crude prices initially rose more than two per cent on hardening rhetoric between the United States and Iran on the prospects for reopening the Strait of Hormuz, which is vital to the world's flow of petroleum shipments.Oil contracts later gave up those gains, before resuming their climb, as investors' expectations of an agreement ebbed and flowed. The Wall Street Journal also reported that the US military fired on a Panama-flagged ship, to stop it as it tried to get past the US blockade of Iranian ports."Crude oil has surged over the past few days as hopes of a US-Iran agreement that would fully reopen the Strait of Hormuz have faded," said Fawad Razaqzada, market analyst at FOREX.com.But "we have also heard contradictory messages from Washington and Tehran", he said.Wall Street stocks weakened as the session progressed. All three major indices ended lower, with the broad-based S&P 500 down 0.3 per cent.All eyes will be on Wednesday's consumer price index report for July."It's a wait-and-see day," said Sam Stovall of CFRA Research, who sees the most recent lackluster jobs data as denting the odds of an imminent interest rate hike.
