Oil Prices Settle, Wall Street Mixed Ahead of Inflation Data

What Happened

Oil prices settled on Tuesday with Brent crude trading at $87.61 per barrel and U.S. benchmark WTI crude at $82.19 per barrel, according to data from AP News (August 11, 2026). The Strait of Hormuz remains a potential flashpoint for global energy markets, but prices showed relative stability despite geopolitical uncertainty.

Wall Street futures displayed mixed sentiment ahead of the July inflation data release scheduled later in the week. S&P 500 futures edged up 0.1%, while Dow Jones Industrial Average futures slipped 0.1%. The Nasdaq futures gained 0.3% as technology stocks showed resilience.

The oil price jump on August 7 was more than 5%, driven by energy sector gains across major U.S. producers. Chevron, ExxonMobil, and ConocoPhillips each posted a 4.5% gain Monday, reflecting investor optimism about the sector's fundamentals despite macroeconomic headwinds.

Global markets showed divergent performance: European indices were largely flat to down (CAC 40 -0.1%, DAX +0.1%, FTSE 100 flat), while Asian markets mixed with KOSPI gaining 0.7% to 6,345.53 points and Samsung Electronics up 4.1%. Conversely, China's Hang Seng fell 1.1% to 25,652.82 points and the Shanghai Composite dropped 0.8% to 3,934.09 points.

The Reserve Bank of Australia held its benchmark interest rate at 4.35%, unchanged from prior levels. Meanwhile, average gasoline prices in the United States stood at $4.01 per gallon according to AAA data.

Why It Matters

The settlement of oil prices despite Strait of Hormuz uncertainty signals that markets are pricing in a range of geopolitical scenarios rather than assuming immediate escalation. The 5% jump on August 7 suggests that energy investors remain sensitive to supply disruptions, even as current prices show stabilization.

Wall Street's mixed futures positioning ahead of inflation data reflects the delicate balance between growth concerns and persistent price pressures. With expected July inflation at 3.4% (down from June's 3.5%), markets are watching for confirmation that the Federal Reserve's tightening cycle may be nearing its end without reigniting significant inflationary pressure.

The energy sector's outperformance—evidenced by Chevron, ExxonMobil, and ConocoPhillips each gaining 4.5% Monday—suggests investors are rotating into defensive sectors with strong cash flows. This rotation pattern often emerges when macroeconomic uncertainty weighs on growth stocks while energy companies benefit from sustained demand fundamentals.

Global market divergence highlights the uneven nature of economic recovery across regions. Asian markets' mixed performance reflects China's ongoing property sector challenges and consumer weakness, while Australia's rate hold suggests central banks are diverging in their approach to inflation management.

What to Watch

The key catalyst remains the July inflation data release later this week, which could significantly influence Federal Reserve policy expectations. A 3.4% reading—down from June's 3.5%—would support the narrative that inflation is moderating without requiring aggressive rate cuts. However, markets will scrutinize the underlying components for signs of persistent price pressures in services and housing.

Geopolitical developments around the Strait of Hormuz warrant close monitoring. Any escalation could reignite oil price volatility, potentially pushing Brent crude above $90 per barrel and WTI above $85 per barrel within days. Energy sector earnings reports from major producers will provide additional insight into supply discipline and capital allocation priorities.

The Reserve Bank of Australia's rate decision at 4.35% sets a benchmark for other central banks in the region. Divergent monetary policy across developed markets could impact commodity prices and emerging market currencies, creating cross-currents that influence global asset allocation decisions.

By the numbers

Key Market Movements: - S&P 500 futures change: +0.1% - Dow Jones Industrial Average futures change: -0.1% - Nasdaq futures change: +0.3% - Brent crude oil price: $87.61/barrel - U.S. benchmark crude (WTI) price: $82.19/barrel - Oil price jump on August 7: more than 5% - Chevron stock gain Monday: +4.5% - ExxonMobil stock gain Monday: +4.5% - ConocoPhillips stock gain Monday: +4.5% - Average gasoline price (AAA): $4.01/gallon

Global Indices: - CAC 40 change: -0.1% - DAX change: +0.1% - FTSE 100 change: flat (0%) - KOSPI gain: +0.7% to 6,345.53 points - Samsung Electronics stock gain: +4.1% - SK Hynix stock gain: +0.4% - Hang Seng index: -1.1% to 25,652.82 points - Shanghai Composite index: -0.8% to 3,934.09 points - ASX 200 gain: +0.2% to 9,250.60 points

Monetary Policy: - Reserve Bank of Australia benchmark interest rate: 4.35% (unchanged) - Expected July inflation rate: 3.4% (down from June's 3.5%)

Source snapshot

Sources: - AP News: https://apnews.com/article/stocks-markets-rates-iran-futures-3f3f2f2d49e4aa8744d21ecd0ce55a9c

Data as of August 11, 2026, 8:02 AM EDT.