Oil Prices Plummet on Reopening Rumors Amid Soft Labor Data

Global oil prices continued to plummet on Tuesday after reports emerged that an announcement on the reopening of the Strait of Hormuz could come within hours. According to Al Arabiya and Al Hadath, citing high-level sources, communications are underway at full tilt, with progress made, although no official confirmation has followed.

The US Dollar Index (DXY) eased around 0.10% and traded near 99.90 after softer-than-expected United States labor demand data. The JOLTS Job Openings fell to 7.359 million in June from 7.537 million, missing the 7.4 million forecast.

Federal Reserve Bank of Philadelphia President Anna Paulson stated that underlying inflation remains too high and that policy needs to stay mildly restrictive, adding that current settings likely meet that description.