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Crude oil futures settle higher on Tuesday

12 Aug 2026 Evaluate

Crude oil futures ended higher on Tuesday as investors weighed mixed signals over a potential deal between the U.S. and Iran, while the continued stalemate over demands for compensation for war-related damages dimmed expectations of an early reopening of the Strait of Hormuz. Meanwhile, industry data showed US crude inventories rose by 9.1 million barrels in the week ending August 7, marking their largest increase since February.

Benchmark crude oil futures for September delivery increased by $1.07, or 1.30%, to settle at $83.2 a barrel on the New York Mercantile Exchange. Brent crude for October delivery was up by $1.19, or 1.36%, to settle at $88.91 a barrel on the New York Mercantile Exchange.

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