Brent Crude Price Rises Amid Middle East Tensions

Oil prices rose on August 10 after Israel rejected a deal announced by former US President Trump for Gaza, and details emerged on the potential deal between Iran and Oman on managing the Strait of Hormuz.

The price of Brent crude increased by 2% to $85.23 a barrel, returning to levels seen earlier this month and in mid-July, mid-June, and in the first week of the war in March.

This comes as investors await several key inflation updates for the US, including the consumer price index, which is expected to show a slowdown from 3.5% in June to 3.4% in July.