diff --git a/crates/uv/src/commands/tool/list.rs b/crates/uv/src/commands/tool/list.rs
index cd19728946d9d..a2674f23aae69 100644
--- a/crates/uv/src/commands/tool/list.rs
+++ b/crates/uv/src/commands/tool/list.rs
@@ -11,11 +11,11 @@ use uv_cache_info::Timestamp;
 use uv_client::{BaseClientBuilder, RegistryClientBuilder};
 use uv_configuration::Concurrency;
 use uv_distribution_filename::DistFilename;
-use uv_distribution_types::IndexCapabilities;
+use uv_distribution_types::{IndexCapabilities, RequiresPython};
 use uv_fs::Simplified;
 use uv_normalize::PackageName;
 use uv_python::LenientImplementationName;
-use uv_resolver::{ExcludeNewer, PrereleaseMode};
+use uv_settings::ResolverInstallerOptions;
 use uv_tool::InstalledTools;
 use uv_warnings::warn_user;
 
@@ -23,6 +23,7 @@ use crate::commands::ExitStatus;
 use crate::commands::pip::latest::LatestClient;
 use crate::commands::reporters::LatestVersionReporter;
 use crate::printer::Printer;
+use crate::settings::ResolverInstallerSettings;
 
 /// List installed tools.
 #[expect(clippy::fn_params_excessive_bools)]
@@ -114,35 +115,51 @@ pub(crate) async fn list(
     let latest: FxHashMap<PackageName, Option<DistFilename>> = if outdated
         && !valid_tools.is_empty()
     {
-        let capabilities = IndexCapabilities::default();
-
-        // Initialize the registry client.
-        let client = RegistryClientBuilder::new(
-            client_builder,
-            cache.clone().with_refresh(Refresh::All(Timestamp::now())),
-        )
-        .build();
         let download_concurrency = concurrency.downloads_semaphore.clone();
 
-        // Initialize the client to fetch the latest version of each package.
-        let latest_client = LatestClient {
-            client: &client,
-            capabilities: &capabilities,
-            prerelease: PrereleaseMode::default(),
-            exclude_newer: &ExcludeNewer::default(),
-            tags: None,
-            requires_python: None,
-        };
-
         let reporter = LatestVersionReporter::from(printer).with_length(valid_tools.len() as u64);
 
         // Fetch the latest version for each tool.
         let mut fetches = futures::stream::iter(&valid_tools)
-            .map(async |(name, _tool, _tool_env, _version)| {
-                let latest = latest_client
-                    .find_latest(name, None, &download_concurrency)
-                    .await?;
-                Ok::<(&PackageName, Option<DistFilename>), uv_client::Error>((name, latest))
+            .map(|(name, tool, tool_env, _version)| {
+                let client_builder = client_builder.clone();
+                let download_concurrency = download_concurrency.clone();
+                async move {
+                    let capabilities = IndexCapabilities::default();
+                    let settings = ResolverInstallerSettings::from(ResolverInstallerOptions::from(
+                        tool.options().clone(),
+                    ));
+                    let interpreter = tool_env.environment().interpreter();
+
+                    let client = RegistryClientBuilder::new(
+                        client_builder
+                            .clone()
+                            .keyring(settings.resolver.keyring_provider),
+                        cache.clone().with_refresh(Refresh::All(Timestamp::now())),
+                    )
+                    .index_locations(settings.resolver.index_locations.clone())
+                    .index_strategy(settings.resolver.index_strategy)
+                    .markers(interpreter.markers())
+                    .platform(interpreter.platform())
+                    .build();
+
+                    let requires_python = RequiresPython::greater_than_equal_version(
+                        interpreter.python_full_version(),
+                    );
+                    let latest_client = LatestClient {
+                        client: &client,
+                        capabilities: &capabilities,
+                        prerelease: settings.resolver.prerelease,
+                        exclude_newer: &settings.resolver.exclude_newer,
+                        tags: None,
+                        requires_python: Some(&requires_python),
+                    };
+
+                    let latest = latest_client
+                        .find_latest(name, None, &download_concurrency)
+                        .await?;
+                    Ok::<(&PackageName, Option<DistFilename>), anyhow::Error>((name, latest))
+                }
             })
             .buffer_unordered(concurrency.downloads);
 
diff --git a/crates/uv/tests/it/tool_list.rs b/crates/uv/tests/it/tool_list.rs
index 54f0417ca6f25..7b2dfdc898bf1 100644
--- a/crates/uv/tests/it/tool_list.rs
+++ b/crates/uv/tests/it/tool_list.rs
@@ -165,6 +165,37 @@ fn tool_list_outdated() {
     );
 }
 
+#[test]
+fn tool_list_outdated_respects_exclude_newer() {
+    let context = uv_test::test_context!("3.12").with_filtered_exe_suffix();
+    let tool_dir = context.temp_dir.child("tools");
+    let bin_dir = context.temp_dir.child("bin");
+
+    // Install `black` with a persisted `exclude-newer` cutoff.
+    context
+        .tool_install()
+        .arg("black")
+        .arg("--exclude-newer")
+        .arg("2024-03-25T00:00:00Z")
+        .env(EnvVars::UV_TOOL_DIR, tool_dir.as_os_str())
+        .env(EnvVars::XDG_BIN_HOME, bin_dir.as_os_str())
+        .assert()
+        .success();
+
+    // `--outdated` should respect the stored tool settings and avoid flagging upgrades that
+    // `uv tool upgrade` would intentionally skip.
+    uv_snapshot!(context.filters(), context.tool_list()
+    .arg("--outdated")
+    .env(EnvVars::UV_TOOL_DIR, tool_dir.as_os_str())
+    .env(EnvVars::XDG_BIN_HOME, bin_dir.as_os_str()), @"
+    success: true
+    exit_code: 0
+    ----- stdout -----
+
+    ----- stderr -----
+    ");
+}
+
 #[test]
 fn tool_list_missing_receipt() {
     let context = uv_test::test_context!("3.12").with_filtered_exe_suffix();