India, Aug. 11 -- Oil held on to a four-day rally to hit over one-week high on Tuesday amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.
Brent crude futures jumped more than 2 percent to $89.86 a barrel due to lingering uncertainty over when the Strait of Hormuz may reopen. WTI crude futures were up 2.8 percent at $84.41.
Supply concerns intensified amid growing doubts over a near-term agreement to reopen the Strait of Hormuz.
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