U.S. Crude and Brent Oil Surge Over 3%, Trump Says U.S.-Iran Only in 'Preliminary Stage' of Talks

August 10th, according to Bitget market data, both WTI and Brent crude oil rose by over 3%, with WTI crude oil at $78.53 and Brent crude oil at $84.06.

On the news front, Iran has indicated that it is close to reaching an agreement with Oman to reopen the Strait of Hormuz, but Tehran continues to reject direct talks with the United States until certain conditions are met. Last week, U.S. Treasury Secretary Benson had suggested that a deal was imminent, but Trump later stated that the U.S. was only in a "half-negotiating" state and expressed a desire to maintain economic pressure on Iran.

Investors are continuing to assess the impact of the situation in the Strait of Hormuz on the energy market and the global economy.