Oil prices extended their rally on Wednesday (12), rising for a sixth consecutive session, as investors remained sceptical that a deal between the United States and Iran would normalise energy flows through the Strait of Hormuz.
Brent crude — the European benchmark — was up 0.81% at $89.63 per barrel, while West Texas Intermediate (WTI) — the US benchmark — advanced 0.87% to $83.92 per barrel. Since the start of the year, both benchmarks have accumulated gains of 47.3% and 46.2%, respectively.
Wednesday’s gains extended a roughly 12% rally in Brent over the previous five sessions, in a market that has proven highly sensitive to news surrounding negotiations to reopen the Strait of Hormuz. US President Donald Trump added to uncertainty on Tuesday by declaring that the United States “fully controls” Hormuz and expressing distrust of Iran, even as Pakistan’s Defence Minister indicated that Washington and Tehran were close to reaching some form of understanding.
“The rise in oil prices suggests markets remain sceptical that an imminent deal will restore flows through Hormuz,” said Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, as quoted by Bloomberg. Dhar also warned that a reduction in global inventories could push Brent toward the $100-per-barrel mark.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/12/commodities-3/petroleo-sobe-pela-sexta-sessao-com-duvidas-sobre-acordo-para-reabrir-ormuz/
