Crude oil futures traded higher on Monday morning as uncertainty persisted over the reopening of the Strait of Hormuz, according to The Hindu BusinessLine. At 9.38 am, October Brent oil futures were at $84.44, up 1.07 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.84, up 0.84 per cent. On the Multi Commodity Exchange (MCX) in India, August crude futures were at ₹7,511 against the previous close of ₹7,424, up 1.17 per cent, and September futures were at ₹7,440 against the previous close of ₹7,358, up 1.11 per cent.
Price Action on Monday
The report, published on 10 August 2026 by The Hindu BusinessLine's BL Mangaluru Bureau, captured the following trading levels during the initial hour of trading:
| Contract | Price | Previous Close | Change |
|---|---|---|---|
| October Brent futures | $84.44 | Not stated | +1.07% |
| September WTI futures | $78.84 | Not stated | +0.84% |
| August crude, MCX | ₹7,511 | ₹7,424 | +1.17% |
| September crude, MCX | ₹7,440 | ₹7,358 | +1.11% |
| August natural gas, MCX | ₹261.20 | ₹256.60 | +2.19% |
Oman-Mediated Talks in Final Stages
On Sunday, Iran's Foreign Minister Abbas Araqchi said that an agreement with Oman for reopening the Strait of Hormuz was in the final stages, according to The Hindu BusinessLine. He said the strait would not be reopened until the US meets other conditions of Iran. Araqchi stated that Iran and the US are not engaged in direct talks and that messages are being exchanged through intermediaries.
Iran's Conditions and the US Assessment
The report listed Iran's stated conditions: full compensation for war damages, the lifting of all sanctions on Iran, and the release of all Iranian frozen funds.
- Full compensation for war damages
- Lifting of all sanctions on Iran
- Release of all Iranian frozen funds
US President Donald Trump, speaking to Axios, said: “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.” He added that Iran is in very bad shape economically and has no money to pay its troops, and that the US naval blockade has exacerbated the Iranian regime's economic crisis.
“We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.” — Donald Trump, US President, as reported by The Hindu BusinessLine.
Natural Gas Futures Also Rise
The same report noted that August natural gas futures were trading at ₹261.20 on MCX during the initial hour of trading on Monday, against the previous close of ₹256.60, up 2.19 per cent.
Market Positioning
All the price data in the report is presented against the unresolved question of when or whether the Strait of Hormuz will reopen. The market, according to The Hindu BusinessLine, moved higher "as uncertainty continued" over the strait's status. The key dynamics — Iran's foreign minister describing the Oman agreement as in its final stages while conditioning reopening on further US concessions, and the absence of direct talks between Tehran and Washington — are the central facts that traders and procurement teams have to work with, as laid out in the report. The Hindu BusinessLine report, published on August 10, 2026, presents the day's contract prices and the latest statements from Iranian and US officials, anchoring the crude movement squarely to the Hormuz reopening negotiations and the stalemate over sanctions relief.
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