COMMODITY
Crude oil futures end higher as Strait of Hormuz remains closed
Aug-28-2026

Crude oil futures closed higher on Thursday as the Strait of Hormuz remained closed, with no clear resolution yet to the U.S.-Iran war. Investors were awaiting further U.S. moves after Iran and Oman reached an agreement to establish a temporary corridor through the critical waterway. Meanwhile, reports indicated that Russian President Vladimir Putin said recent talks with Ukraine had yielded no significant results, while Russia was preparing to intensify its military operations.

Benchmark crude oil futures for October delivery increased by $1.30 or 1.58% to settle at $83.53 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged by $1.86 or 2.12% to settle at $89.70 a barrel on the New York Mercantile Exchange.


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