Commodities
Oil Prices Bounce Back Amid Hormuz Flows Increase
Oil prices rose for the first time this week on Thursday, with ICE Brent closing up 2.1%. The increase comes despite a surge in oil flows through the Strait of Hormuz, a major shipping route in the Middle East.
The strength in oil prices was also reflected in European gas markets, which saw prices jump as hopes of renewed US-Iran talks faded.
CBOT wheat prices continued their four-session rally, driven by concerns over grain exports from Ukraine and Russia amid an escalating conflict between the two countries.