Iran's Hormuz Strikes Send Oil Prices Soaring Again
Oil prices surged on reports that Iran attacked 'hostile targets' in the Strait of Hormuz, sparking concerns about energy flows from the Persian Gulf.
The attacks took place on August 6 night local time following explosions near Qeshm Island in Hormuz, according to the semi-official Fars News Agency.
Brent crude prices rose 1.4% to $83.62 a barrel, while US West Texas Intermediate increased by 1.2% to $78.25 after jumping 4.9% in the previous session.
Under a proposed deal between Iran and Oman, Tehran would bar US ships from the strait, ban Israeli vessels, and require compensation from hostile countries.
Rob Haworth, senior investment strategy director at US Bank Asset Management Group, said 'deals to reopen the Strait of Hormuz remain elusive' and that traffic remains low.