Commodities
Oil Prices Soar 20% Amid Escalating US-Iran Tensions
Oil prices surged by 20% in July as tensions between the US and Iran intensified in the Strait of Hormuz.
The escalation of hostilities led to a significant increase in oil prices, with Brent trading below $88 a barrel after swinging in a range of about $11 last week.
Despite concerns over supply snarls in the Black Sea, traders are still assessing the situation and trying to determine whether the conflict will expand or remain contained.
US stockpiles have continued to draw, adding to the upward pressure on oil prices.