Commodities
Oil Prices Rise Amid Ongoing Tensions with Iran
Oil prices climbed on July 31 as tensions between the US and Iran kept the Strait of Hormuz largely closed. The price for a barrel of Brent crude rose 2.1% to $88.68.
The closure has pushed up pressure on inflation, with yields climbing further in the bond market. The yield on the 10-year Treasury jumped to 4.72% from 4.68% late July 30 and from just 3.97% before the war with Iran sent oil prices shooting higher.
The S&P 500 rose 0.7% at the end of a seesaw week that could be its first winning one in the last three, while the Nasdaq composite was 1.3% higher.