Oil at $88.90 as Hormuz Dispute Pushes Prices Past Forecasts

Brent, the global oil benchmark, settled at $88.90 on August 11, 2026 — about 4% above analysts' expected $85.22 for the year. The gap reflects a standoff: Iran and the US each want compensation over the Strait of Hormuz, a key shipping route. U.S. Middle Eastern oil imports were on pace for ~600,000 barrels daily in August, the highest since the Iran war began.