# Oil nears $90 as Hormuz standoff deepens supply fears

2026-08-12T07:56:21+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Brent crude rose above $89 a barrel on Wednesday, up 13% from a week ago, as talks to reopen the Strait of Hormuz stalled. US President Donald Trump demanded compensation from Iran for war victims, dashing hopes of an early deal. Iran insists the strait stays shut while the US naval blockade continues. The IEA now forecasts global oil demand will fall by 1.6 million barrels a day in 2026, deeper than earlier estimates, as supply disruptions push fuel prices higher.

## Coverage

- timesnownews.com <https://www.timesnownews.com/business-economy/industry/crude-oil-prices-stay-elevated-as-us-iran-tensions-cloud-strait-of-hormuz-reopening-article-155573415>
- thehindubusinessline.com <https://www.thehindubusinessline.com/markets/commodities/oil-rises-as-doubts-over-us-iran-deal-heighten-supply-concerns/article71335423.ece>
- hindustantimes.com <https://www.hindustantimes.com/world-news/hormuz-standoff-derails-oil-supply-recovery-and-deepens-demand-slump-iea-says-101786527344502.html>

Tags: Brent crude, crude oil prices, fuel prices India, Strait of Hormuz, supply disruption, US-Iran tensions
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