And Joe probably thought that Flock of Seagulls was this guy...
Posted on 08/10/2026 1:21:05 PM PDT by Miami Rebel
Oil prices jumped about 5% Monday as doubt grew that the U.S. and Iran will reach a deal to increase ship traffic through the Strait of Hormuz.
U.S. West Texas Intermediate futures climbed about 5% to close at $82.13 per barrel. Brent crude , the international benchmark, also settled around 5% higher at $87.72 a barrel.
President Donald Trump told Axios on Sunday that the U.S. is “only semi-negotiating” with Iran, after he insisted last week that Washington and Tehran were in fact holding talks. Trump indicated that he would rely on the U.S. naval blockade to pressure Tehran rather than another wave of airstrikes.
“We are just watching Iran with its huge inflation and the fact they have no money,” the president told Axios. Trump canceled a planned attack against the Islamic Republic on Aug. 1 to allow for negotiations.
Oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level since January 1983, as the conflict drags on.
Oil prices sold off more than 7% last week after Treasury Secretary Scott Bessent told CNBC that a deal to open Hormuz with freedom of movement for ships could come soon. But an agreement still has not been announced as Tehran’s and Washington’s positions have hardened.
Iran’s Foreign Ministry spokesman, Esmail Baghaei, said Monday that the U.S. must lift its blockade before Tehran would agree to fully open Hormuz.
“As long as the U.S. naval blockade continues, the necessary conditions for the reopening of the Strait of Hormuz do not exist,” Baghaei said, according to the state news agency Tasnim. Iran and Oman are holding bilateral negotiations over shipping routes in the strait, he said.
The U.S. and Iran signed a memorandum of understanding on June 17 to open Hormuz to commercial ships, but the deal quickly collapsed as fighting erupted over which routes vessels could use.
Iran launched multiple attacks on tankers transiting Hormuz along Oman’s coast under U.S. military protection. Tehran demanded that ships sail through its territorial waters when transiting the strait.
The U.S. staged multiple waves of airstrikes and reimposed its naval blockade in retaliation for the tanker attacks.
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No Trump has surrendered...
No. Don’t report this.
Reporting on the price of a barrel of oil, in this context, is TDS!
We could win the negotiation game if we acknowledged we are the world largest oil producer so sure bring it.
We are playing 1973 embargo rhetoric to lose and it’s all fundamentally untrue.
This is sounding a lot like the Reflecting Pool, or the Ballroom Build. If Trump builds it, they will tear it up.
I thought that the unarmed LNG tanker needed a little bit of a paint-job after its drone attack.
Something smells fishy, in the Straits of Hormuz.
Well they sure as hell are not reporting what is about to hit about 40 million people here in the USA.
Give it a couple weeks and they’ll -’-t their pants.
Oh no, oil almost back to its normal price from the absolute inflation-adjusted basement it’s in!
Oil is absurdly cheap right now.
The only reason gasoline prices are highish is refinery constraints caused by environmental wackos who have made building new capacity impossible.
Yeah, Joe Biden's withdrawal from Afghanistan was at least a thousand times more complicated than just a few months of actual combat with Iran, and the fact that he personally commanded such a complex military operation, and achieved his long list of goals with zero casualties and no loss of equipment, will stand as the finest example of military leadership for generations to come!
/sarc
Current WTI $82.20, up a whopping $0.07.
More fake news from the usual suspect.
WTI is up 30% this past year. And that’s with Trump raiding the SPR of over 116 million barrels since late February 2026.
Trump needs to call off all military attacks on the Irunners. Let the Iranian Allah boinkers have the straits back. And then sink every Iranian ship that dares to enter. We can play that game too. Screw Allah.
“More fake news”??????????????
Do you run your own investments?? I hope not.
You’re looking at the after-hours trading.
WTI settled Friday at $78.18 on the New York Mercantile Exchange (NYMEX).
Today’s session saw a closing price of $82.13.
Oil is $82ish. It’s low historically.
Try to sell your BS to someone who doesn’t make a living producing oil.
My statements were 100% correct:
1) WTI is up 30% this past year.
2) And that’s with Trump raiding the SPR of over 116 million barrels since late February 2026.
The numbers don’t lie. However, you do.
NB: Working as a grease monkey at the local Jiffy Lube doesn’t qualify as “making a living producing oil”
Yes your numbers lie. 30% off a historic bottom is low.
The normal price for oil, adjusted for inflation, is somewhere around $95.
Oil is cheap at $84.
Go lie elsewhere
1) WTI is up 30% this past year.
2) And that’s with Trump raiding the SPR of over 116 million barrels since late February 2026.
The numbers don’t lie. However, you do. Break is over, go back to your grease pit.
Oil is down 25% over its last decade average.
Under Obama oil was $110. Adjusted for inflation it would be $130 right now.
Good try.
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