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Commodities

Oil Price Hedges Toward $100 Amid Geopolitical Tensions

Guavy AI Editorial Team
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Oil
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The price of oil is nearing $100 per barrel again due to escalating geopolitical tensions and disrupted oil flows.

Brent crude settled at $94.39 a barrel on August 21, marking its second consecutive weekly gain as markets assessed the potential fallout from the conflict between the US and Iran.

The Strait of Hormuz is critical to global energy markets due to the volume of oil and petroleum products that pass through it.

Disruptions to shipping through the waterway left around 8.3 million barrels per day of oil supply unavailable in July, according to the International Energy Agency.

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