WTI Gains Over $83 as Hormuz Tensions, Diesel Strength Support Market

WTI crude oil futures rose 1.13% to trade at $83.06 per barrel in midday trading Tuesday, August 11, 2026, as renewed tensions around the Strait of Hormuz and persistently high diesel prices provided market support. Brent crude climbed 0.99% to $88.59, while natural gas prices dipped slightly to $2.75. The price for Bakken crude at the wellhead, reflected by a differential of -$3.42 versus WTI, remained steady.

The price gains come amid fresh concerns over global oil flows. According to an OilPrice.com report published today, Brent could hit $100 as the Hormuz crisis flares again. Iranian crude loadings are close to zero in August, raising the risk of Tehran halting transits through the strait completely. The report notes that ICE Brent has bounced back to $87 per barrel, with another rally toward $100 "firmly on the table."

Market volatility is being unevenly felt in refined products, according to separate IEA data analyzed by OilPrice.com. While global crude prices have retreated from spring highs near $120 per barrel, diesel prices remain stubbornly elevated. The IEA's monthly tracker shows the average global per-liter cost of automotive diesel at $1.94 in July, roughly 14% above pre-war levels from February and higher than in June. Gasoline prices have eased more noticeably, falling from a May peak.

This two-speed recovery in fuels has significant implications for Bakken operators, whose production yields a significant portion of light oil and associated natural gas liquids. Strong diesel cracks, driven in part by tight global distillate supply, can support refinery demand for crude. The IEA figures put U.S. diesel at roughly $4.96 a gallon in July, well above the year-ago level of $3.78.

Additional pressure comes from global supply disruptions. Ukrainian drone strikes on Russian refineries have pushed Russian crude-processing rates to a 24-year low, squeezing diesel supply. Meanwhile, geopolitical rhetoric continues to inject uncertainty. An OilPrice.com report today noted "another bout of escalatory rhetoric from US President Trump" regarding compensation from Iran, further complicating negotiations to fully reopen the Strait of Hormuz.

For Bakken producers, the current price environment offers stability above $80 WTI, a level supportive of drilling and completion activity in the play. However, the narrow differential of -$3.42 indicates strong regional demand or constrained takeaway capacity, ensuring local operators capture a high percentage of the benchmark price. The focus for the basin will remain on global geopolitical risks and the health of distillate markets, which are underpinning current crude strength.