Iran lists demands to reopen Strait of Hormuz
August 10, 2026
The Baker Hughes Rig Count Report had oil rigs up 1 rug to a total of 451 oil rigs in operation and last year at this time there were 410 oil rigs in operation.
Energy prices are higher his morning as Iran has more demands for the US. President Trump said that the US was only “semi-negotiating” with Tehran over the Strait of Hormuz, and that the US will let economic pressure mount on Iran from the naval blockade. As a result of the reality that the Iran issues are going to take more time a risk premium is being put into the market today.
President Trump actions and comments seem to be a shift in tactics against Iran. It appears the US is shifting away form heavy military action to economic pressures.
Iran and Oman say they’re still making progress on a deal to open the strait with Iran wanting to charge a 7% transit fee, Oman a 3% fee and the US wants nothing. The US would be required to meet other details before they could transit the strait. It doesn’t sound like we will have an open, unrestricted Strait of Hormuz any time soon.
The Bureau of Labor Statistics reported on Friday that 23,000 jobs were lost in July 2026, which was a big miss since economists had expected 88,000 new jobs to be created. This number was well below the estimated range of 50,000 to 140,000 new jobs.
Prices are also supported by news that Ukraine’s military struck a major Russian refinery this morning with a roughly 300,000 bpd of crude processing capacity located roughly 550 miles east of Moscow.
Saudi Arabia extinguished a fire at its Jazan refinery early Sunday after Yemen’s Houthi rebels claimed responsibility for an attack on the facility. The strike supposedly damaged crude oil storage tanks.