Commodities
Oil Prices Surge Amid Fading Hopes for US-Iran Diplomatic Breakthrough
Oil prices edged higher on August 4 after suffering steep losses in the previous session due to concerns over Middle East supply risks resurfacing amid fading hopes of a diplomatic breakthrough in the U.S.-Iran conflict.
The Brent crude futures price gained $0.71, or 0.8%, to $84.50 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $0.61, or 0.7%, to $81 a barrel.
The dispute over the Strait of Hormuz continues to remain at the centre of the conflict, with Iran pushing back against claims of ongoing negotiations with the United States.