Commodities
Hormuz Crisis Spikes Brent Towards $100
The Hormuz crisis is flaring up again, pushing Brent crude oil prices towards $87 per barrel and increasing the risk of another run towards $100.
This comes as Iranian exports are collapsing, with not a single Very Large Crude Carrier (VLCC) seen loading in Iran over the first ten days of August.
Meanwhile, China's crude drawdown is putting Iranian barrels back in demand, particularly from Russian and Iranian crude, buoyed by a record-high July stock draw in Shandong province.