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Oil Price Today (August 11): Crude oil rises to $88 after Trump’s compensation demand dents Hormuz opening. Here’s why

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Oil Price Today (August 11): Crude oil rises to $88 after Trump's compensation demand dents Hormuz opening. Here's why
Oil prices extended gains for a second straight session on Tuesday, following a more than 5% surge on Monday, as fading hopes of a US-Iran deal to end the war and reopen the Strait of Hormuz kept prices near their highest levels in more than a week.

Brent crude futures were flat at $88 a barrel or 0.35%, while US West Texas Intermediate crude futures stood at $83.50, up 0.40% a barrel. Both benchmarks had jumped more than 5% on Monday, hitting their highest levels since July 31.

The rally came after US President Donald Trump responded to Iran’s conditions for a peace deal by demanding compensation from Tehran for people killed in wars, attacks and protests. The demand is expected to make efforts to reopen the Strait of Hormuz more difficult. Trump later said the US was in control of the strait and had cleared the strategic oil waterway of Iranian mines.

Also read: $48 billion profit! 5 global oil majors cash in on oil surge amid Iran war. Where is money flowing?

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Supply concerns were also heightened by developments in Saudi Arabia. Saudi Aramco has pushed back the restart of its 400,000-barrel-per-day Jazan refinery to August 30 after the Houthis claimed responsibility for two attacks on the facility on Sunday.


The UAE’s ADNOC said on Friday that 15 of its vessels had come under attack while transiting the Strait of Hormuz since the conflict began.
The risks around both the Strait of Hormuz and the Bab el-Mandeb remain significant. Even temporary restrictions or the threat of further attacks are keeping insurance costs high and forcing ships to take longer routes, which is likely to keep energy flows constrained in the near term.Where are prices headed?
How long the supply disruption lasts will be crucial for the direction of oil prices. JPMorgan estimates that every additional month of disruption could add about $7 to $8 a barrel to Brent prices. If the disruption continues for three months, the bank expects average monthly Brent prices to reach around $114 a barrel.

Read more: Iran’s Supreme Leader Khamenei fills 6 key military positions

Goldman Sachs has also warned that Brent could climb to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world’s most important oil transit route, persist.

However, Goldman’s base case is that tensions in the Middle East will eventually ease. Under that scenario, it expects Brent to average $80 a barrel in the fourth quarter and $75 a barrel next year. The bank also said risks remain skewed to the upside because of the possibility of prolonged disruptions in the Strait of Hormuz and the Red Sea.

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“The direction of our outlook is unchanged; the path and the timeline have shifted. We still expect oil to cool as we move into 2027, for three reasons: supply outside the conflict zone is expanding, with OPEC+ raising production targets, the UAE at record output and non-OPEC barrels responding to price,” said Anindya Banerjee, Head of Commodity Research at Kotak Securities.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Pampa Energia: Rincon De Aranda And Fertilizers Add New Legs To The Bull Case

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Pampa Energia: Rincon De Aranda And Fertilizers Add New Legs To The Bull Case

Pampa Energia: Rincon De Aranda And Fertilizers Add New Legs To The Bull Case

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Elon Musk Says Starlink Will Be in Every Car Calling It the Only Way to Connect Billions of Vehicles

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SpaceX owner and Tesla CEO Elon Musk at the E3 gaming convention in Los Angeles

AUSTIN, Texas — Elon Musk said all cars will eventually feature Starlink connectivity, describing satellite internet as the only practical method for delivering high-bandwidth service to the global vehicle fleet.

“All cars will have Starlink in the future,” Musk posted on X. “It’s the only way to get super high bandwidth to billions of vehicles.”

The comment came in response to discussion of a Tesla Cybercab prototype spotted in Texas with a flush-mounted Starlink dish on its rear. Photos shared by an account tracking Tesla developments showed the antenna integrated more seamlessly than earlier temporary installations on test vehicles.

Musk, who leads both Tesla and SpaceX, has long argued that traditional cellular networks face inherent limits in providing consistent, high-capacity connections across vast numbers of moving vehicles, especially in rural or remote areas where coverage is sparse. Starlink’s low-Earth-orbit satellite constellation is designed to deliver broadband nearly anywhere with a clear view of the sky.

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The vision aligns with Tesla’s work on autonomous vehicles and robotaxis. Continuous high-bandwidth connectivity could support real-time data exchange for full self-driving systems, over-the-air software updates, high-definition mapping, and in-vehicle entertainment or productivity features once cars operate without a driver. For a fleet of robotaxis, reliable connectivity would also enable remote monitoring, fleet management and rapid response to edge cases.

SpaceX has steadily expanded Starlink’s capabilities for mobile use. The service already powers connectivity on aircraft, ships, recreational vehicles and some emergency vehicles. Smaller, more integrated terminals have been under development to suit automotive constraints of size, weight, aerodynamics, vibration and power consumption. A flush-mounted design on the Cybercab suggests progress toward solutions that minimize visual and aerodynamic impact.

Musk has previously projected ambitious long-term figures for Starlink. In related comments, he has indicated the network could eventually carry more than half of global internet traffic and generate substantial revenue for SpaceX, with some estimates from the company and analysts pointing toward potential annual revenue in the hundreds of billions or higher as adoption scales across consumer, enterprise, maritime, aviation and mobility markets.

Integrating Starlink into passenger cars at scale would represent a significant expansion. Billions of vehicles worldwide currently rely primarily on cellular networks, which can face congestion, coverage gaps and capacity constraints as data demand from connected cars rises. Satellite connectivity offers a complementary or alternative layer that is less dependent on ground infrastructure density.

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Challenges remain. Automotive-grade hardware must withstand extreme temperatures, vibration, weather exposure and long service lives. Cost per unit will need to decline for mass-market adoption. Regulatory approvals, spectrum coordination and manufacturing scale for millions of terminals would also be required. Power draw and heat management inside a vehicle present additional engineering hurdles.

Tesla has already embedded extensive connectivity and computing hardware in its vehicles for Autopilot and Full Self-Driving features. Adding a dedicated high-bandwidth satellite link would build on that foundation. Other automakers have explored satellite partnerships or hybrid cellular-satellite solutions, but Musk’s statement frames Starlink as a potential industry standard rather than a Tesla-only feature.

The Cybercab, Tesla’s purpose-built robotaxi design, lacks a traditional driver’s cabin and features a minimalist exterior. That architecture may simplify antenna placement compared with conventional passenger cars that have more complex roof lines, glass roofs or aerodynamic requirements. Early test vehicles have carried more conspicuous external antennas; the flush-mounted version indicates ongoing refinement.

Musk’s remarks arrive as SpaceX continues launching batches of Starlink satellites and refining the network’s capacity and latency. Direct-to-cell capabilities, which allow ordinary smartphones to connect via satellite in limited fashion, are progressing in parallel and could complement vehicle-mounted terminals.

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For consumers, the practical benefits could include uninterrupted navigation and streaming on long road trips, reliable emergency communications in remote areas, and smoother operation of advanced driver-assistance or autonomous systems that depend on cloud data. For fleet operators, consistent connectivity supports predictive maintenance, route optimization and centralized oversight.

The statement does not include a specific timeline for widespread automotive integration. Musk has a history of setting ambitious targets that sometimes shift based on technical progress and manufacturing realities. Still, the public affirmation that every car will eventually carry Starlink capability signals a strategic priority linking SpaceX’s satellite network with the mobility sector.

Automakers, suppliers and telecommunications companies will likely watch closely as Tesla and SpaceX advance the hardware and service models. If high-bandwidth satellite connectivity becomes standard, it could reshape expectations for vehicle connectivity much as cellular data did in the previous decade.

Musk’s brief post distilled a broader thesis: scaling high-capacity internet to the world’s vehicle fleet requires a network architecture that is not limited by the density of ground-based towers. In his view, Starlink provides that path. The appearance of integrated hardware on a Cybercab prototype offers an early visual of how that future might look on the road.

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Shopping arcade apartments plan ‘best opportunity’ for Preston landmark’s future, councillors told

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Upper floors of Victorian Miller Arcade to become housing

Miller Arcade in Preston.

Miller Arcade in Preston(Image: Google)

Converting most of Preston’s Miller Arcade into apartments is the “best opportunity” to guarantee the building’s future – and ensure it is fully used.

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That was the message to councillors as they gave the green light to a revamp that will see the upper floors of the Victorian shopping emporium, off Lancaster Road, become home to 46 residential properties.

Preston City Council’s planning committee unanimously approved the overhaul, which also includes the creation of communal facilities – including a gym, cinema, library and workspace – for future residents.

The top three storeys of the Grade II-listed property were last in use as offices – one of their many original functions – but have been vacant for well over a decade. They were initially also occupied by two hotels, a Turkish baths and a wine lodge.

The redevelopment will not affect the ground floor retail space, which will continue in its current form, having first opened in 1899 – making it Preston’s oldest shopping precinct.

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However, the committee heard that bringing the levels above back into use would be financially costly and practically demanding, because of their poor condition in some parts.

Alban Cassidy, the agent for the scheme, told the meeting that it had required “compromise”, both from the firm behind the blueprint – Darwen-based Icon Heritage Ltd. – and the city council’s heritage advisers.

He said discussions had enabled a position to be reached “where everyone is comfortable that [this] is the best…way forward for the site”.

“I think this is the best opportunity the Miller Arcade has ever had to… [secure] a long-term use that respects the heritage of the building, but also brings into use the whole of the structure.

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“[That means] it [will] not only be repaired…but it also has…a future – [because] it will then be maintained…and it will continue to be one of the jewels in the crown in our city centre,” Mr. Cassidy added.

Structural and condition surveys laid bare the scale of the challenge in getting the blueprint off the drawing board. Cracking in the terracotta cladding is regarded as an outward sign of “corrosion of [the] steel embedded within the facade” of the building, as a result of it not being watertight.

Committee member Cllr Rob Walsh noted that the problems identified in the two assessments were the result of visual inspections – and so were limited only to those that could be seen with the naked eye.

Raising particular concern about the potential for steel “within the walls” to have rusted, he asked whether there were any plans for “a more detailed review of the structural integrity of the building”.

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Alban Cassidy said building surveyors and structural engineers had “gone as far as they can” at the planning application stage, but would “look further into the building” once permission was granted.

However, he told the meeting that the applicant had been put on notice about what to expect – and the “implications” of that for what will be an “expensive” development.

“The detail is to come. It’s not going to be [something that can be determined] in six months…but we’re aware of it, committed to it and we’ll face it as it comes.

“This is a Victorian building that has been neglected for some time – and therefore these things need addressing. No-one is going into it with their eyes shut,” Mr. Cassidy said.

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There are no signs of structural damage to the internal elevations of the shopping arcade itself and the condition of the external walls has been deemed “satisfactory”.

Questioned by Cllr Ben Ward about the capacity of the applicant as a “a relatively new company”, -founded just under five years ago – to deliver such a “big” and “important” scheme, Mr. Cassidy said the firm was “well financed” and had assembled a professional team for the purpose.

A report by planning officers concluded that the external works required – including window and masonry repairs, the replacement of the existing flat roof with a new insulated covering, and repairs to the glazed vaulted roof over the arcade – would have a positive impact on the building itself and the Market Place Conservation Area in which it stands.

Against that backdrop, the suitability of the conversion was barely mentioned in the committee discussion, with deputy chair Cllr Sara Holmes welcoming what she described as “a great opportunity to improve and bring back [into use] Miller Arcade”.

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A previous apartments proposal for the building which was given the go-ahead back in 2015 never came to fruition – but Mr. Cassidy said that the proposal had been “threadbare”

The much-loved city landmark is renowned for its Victorian Baroque architecture and was modelled on the larger Burlington Arcade in London. When it opened, the arcade would have been a purveyor of luxury goods, aimed at Preston’s most well-heeled residents.

Any original features will be retained “wherever possible” as part of the revamp, planning documents state – but many of the most “ornate” have previously been stripped out.

The committee granted both planning permission and so-called ‘listed building consent’ for the apartments – 24 one-bedroomed, 18 two-bed and four ‘studio’ flats – along with works to be carried out in the basement.

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AAON, Inc. (AAON) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript