Oil Prices Gain With Brent Near $90 as Stocks Turn Mixed Ahead of Key US CPI Inflation Report

Oil prices extended their climb Tuesday, August 11, 2026, with Brent crude up 2.1% to $89.56 a barrel and holding above $89 for a fifth straight session. WTI crude gained 2.4% to $84.14, its highest level this month, as Strait of Hormuz shipping tensions kept energy markets on edge. Stocks turned mixed the same day, with the Dow falling 184.13 points ahead of Wednesday’s closely watched CPI inflation report.

Why Oil Prices Keep Climbing This Week

Renewed uncertainty over the Strait of Hormuz has driven Brent crude higher for five consecutive sessions. Conflicting signals from Washington and Tehran have kept traders guessing about the waterway’s shipping status.

• Brent crude: $89.56 a barrel, up 2.1% on August 11.
• WTI crude: $84.14 a barrel, up 2.4%, the highest level this month.
• US crude inventories: rose by 9.1 million barrels last week, the largest increase since February.
• Trading streak: Brent has now gained for five straight sessions.

Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” over the strait, even as President Trump hardened his rhetoric toward Iran this week. That mixed messaging is keeping oil prices elevated and volatile.

The Geopolitical Backdrop Behind The Rally

Iran and Oman have reportedly entered advanced-stage talks aimed at reopening the Strait of Hormuz to at least some shipping. A senior Iranian official, however, insisted the strait would stay closed until US sanctions and frozen assets are addressed.

💥BREAKING:

As of this week, though, the situation remains unresolved and volatile.

Iran is negotiating shipping protocols for the strait with Oman, but Tehran says it won't fully reopen the waterway without concessions from Washington, including sanctions relief and war… pic.twitter.com/K2drSKZHei

— Kanishk chaudhary (@Kanishk1804) August 12, 2026

Trump added a further complication this week by demanding Tehran pay reparations for those killed in attacks tied to the Islamic Republic, a demand that followed Iran’s own weekend list of conditions for de-escalation. That back-and-forth has left oil traders pricing in continued supply risk.

How Stocks Are Positioning Ahead Of CPI

Major US indexes closed lower Tuesday as investors held back from riskier positions ahead of Wednesday’s inflation data, with Big Tech leading much of the pullback.

• S&P 500: fell 0.32% to close at 7,728.20.
• Nasdaq Composite: dropped 0.6% to 26,445.45.
• Dow Jones Industrial Average: lost 184.13 points, or 0.34%, to 53,791.85.
• Notable decliners: Alphabet (NASDAQ: GOOGL), Apple (NASDAQ: AAPL), and Amazon (NASDAQ: AMZN).

The 10-year Treasury yield rose 3 basis points to 4.7334% Tuesday, reflecting caution ahead of the print. Rising yields alongside falling equities suggest markets are bracing for a hotter-than-hoped CPI reading.

What Economists Expect From July’s CPI Report

The Bureau of Labor Statistics releases July CPI data Wednesday, August 12, 2026, at 7:30 a.m. ET, one hour ahead of the regular market open. Forecasts point to continued disinflation, though services costs remain a lingering risk.

• CPI (year-over-year): forecast at 3.4%, down from June’s 3.5%.
• CPI (month-over-month): forecast at 0.1%, up from the prior reading of -0.4%.
• CIO Dennis Follmer expects the CPI trend to support a steady Fed rate path.
• Energy costs: flagged as a key swing factor given this month’s oil price surge.

Follmer noted persistent services inflation could remain sticky, though that segment is less rate-sensitive and shouldn’t derail the case for holding rates steady.

Energy Stocks And Capital Markets React

Rising oil prices haven’t been the only story driving volatility this week. Fresh capital-raising among AI infrastructure names has added another layer of scrutiny to sentiment.

• Intel: expanded its common stock offering to $20 billion from an initial $15 billion.
• Purpose: funding continued buildout of AI computing capacity.
• Nvidia (NASDAQ: NVDA): also engaged in fresh capital-raising activity, drawing investor attention.
• Broader concern: renewed scrutiny over the pace and cost of the AI infrastructure buildout.

That combination of elevated oil prices, a pivotal CPI print, and heavy AI-related capital spending has created a genuinely crowded macro backdrop this week.

Bottom Line

Oil prices near $90 a barrel reflect real, unresolved uncertainty over the Strait of Hormuz, not just short-term speculation. Combined with Wednesday’s CPI report and heavy AI-related capital raises from Intel and Nvidia, markets face a genuinely data-dense stretch.

Investors should watch both the CPI print and any fresh Iran-related headlines closely, since either could sharply reprice oil and equities. With stocks already turning mixed ahead of the data, Wednesday’s inflation reading looks set to be the week’s defining catalyst.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.