Iran Conflict Keeps Global Oil Markets on Edge

Global oil markets remain under pressure due to ongoing tensions between the US and Iran. The Strait of Hormuz, through which about one-fifth of the world's oil is transported, has seen disrupted maritime traffic since the conflict began.

The uncertainty surrounding the situation has led to a rise in gas prices, with the national average for regular gas increasing by three cents to $4.04 per gallon on Wednesday, according to AAA.

Oil prices remain volatile, and hopes for a swift resolution to the conflict have faded. Despite this, there is some positive news regarding inflation: new data from the Bureau of Labor Statistics shows that annual inflation cooled to 3.4% in July, down from June's figure.