Brent at $88.90 as Strait of Hormuz Tensions Lift Oil Above Consensus

Brent crude settled at $88.90 on August 11, 2026 — about 4% above Reuters' consensus full-year forecast of $85.22. The premium follows competing compensation demands from Iran and the US over the Strait of Hormuz. U.S. Middle Eastern crude imports were set to reach ~600,000 barrels daily in August, the most since the Iran war began.