Bellas attributed the latest surge to declining optimism over the reopening of the Strait of Hormuz and the possibility of a broader peace agreement in the Middle East.

Oil prices rose for a second consecutive session on Aug. 11 after Iran indicated that the strategic waterway would remain closed unless the United States changed its position and accepted Tehran’s conditions for ending the conflict.

Brent crude settled at $87.11/barrel as of 2.32pm Tokyo on Friday (Aug. 14), down from $88.91/barrel, while US West Texas Intermediate (WTI) was at $81.35 on Friday, slightly down from $83.20 a day earlier.

Traffic through the vital waterway had fallen sharply during the conflict with Iran.

Before the conflict, the waterway handled roughly 125 to 140 vessels daily and carried about 20% of global oil supply, as per maritime industry tracker Kpler.