Back to today’s briefing

Story perspectives

Oil Prices Jump as Iran Kept Hormuz Closed, Markets Slip

8/12/2026

49 3 Full Breakdown

Summary

Story summary

Brent crude rose to $89.67 per barrel and WTI to $83.98.
Iran kept the Strait of Hormuz closed while a U.S. helicopter fired missiles at a cargo ship.
Treasury yields climbed, pushing long-term U.S. mortgage rates to their highest level in a year.
Wall Street slipped, with the S&P 500 down 0.3% and the Dow Jones down 184 points (0.3%).

History

Historical Context

October 1973 OAPEC embargoed oil to punish U.S. support for Israel, sending prices from $3 to $12 per barrel—a 300% jump—and knocking the S&P 500 down 5%. The crisis prompted the U.S. Strategic Petroleum Reserve and new energy laws, shaping Gulf-risk policy. Brent at $89.67 and Iran’s Strait of Hormuz closure echo that 1973 shock.

1 of 2

Story summary

Brent crude rose to $89.67 per barrel and WTI to $83.98.
Iran kept the Strait of Hormuz closed while a U.S. helicopter fired missiles at a cargo ship.
Treasury yields climbed, pushing long-term U.S. mortgage rates to their highest level in a year.
Wall Street slipped, with the S&P 500 down 0.3% and the Dow Jones down 184 points (0.3%).

1 / 2