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Commodities

Global Markets Unfazed by Rising Oil Prices Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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Global equity markets were steady on Wednesday, while oil prices rose due to renewed attacks on shipping in the Middle East.

The Strait of Hormuz has been closed, and tensions between Iran and the US have escalated, with President Trump saying a deal could be imminent but uncertainty remains.

Oil prices rose 0.8% to $83.89 per barrel for U.S. crude futures, and Brent crude gained 0.7% to $89.49.

Schroders' Dorian Carrell said the base case is a gradual de-escalation but doesn't expect full capacity through the Strait of Hormuz soon, keeping oil prices high.

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