The Iran-Iraq agreement remains unresolved and refinery attacks drive oil prices higher, extending Monday’s gains

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智通财经2026/08/10 00:31

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International oil prices continued their upward momentum on Monday, with US crude oil once rising nearly 3% to $79.43 per barrel. Over the weekend, there was still no breakthrough in the agreement between Iran and Oman on reopening the Strait of Hormuz, while the Houthi armed group claimed to have attacked a Saudi refinery near the Red Sea, leading to a renewed rise in geopolitical risks.
Karobar Capital Chief Investment Officer Haris Khurshid stated that the current market is still pricing in the "possibility" of supply disruptions rather than the "certainty" of normalization, which is why market sentiment remains bullish. He emphasized that geopolitical risks will continue to support crude oil prices until the actual flow of oil returns to normal.

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