10:17 AM EDT, 08/11/2026 (MT Newswires) -- Oil prices are slightly lower Tuesday morning amid flickers of hope that an agreement on the Strait of Hormuz is being settled. CNBC reported earlier today that Pakistan's defense minister Khawaja Asif said the US and Iran are close to "some sort of arrangement" over the Strait.

Al Jazeera separately cited a Qatari foreign ministry spokesperson confirming that talks about partially opening the strait were progressing.

West Texas Intermediate September crude oil futures, the US benchmark, edged down 0.24% to $81.93 per barrel. Brent crude oil, the international benchmark, was also down, falling 0.7% to $87.12 a barrel for October delivery.

Comex gold for December delivery climbed 0.8% to $4,454 per ounce. Traders are waiting on the release of US consumer price index figures for July tomorrow, August 12.

In agricultural commodities, September wheat futures weakened 1.5% to $6.49 per bushel. November canola futures fell 1.2% to C$785.60 per tonne.