Oil Prices Volatile Amid Iran War Uncertainty

Oil prices remain volatile as uncertainty over the Iran war continues to impact global markets.

The price of Brent crude, the international standard, rose by 0.2% on August 28 to $88.68 a barrel, while U.S. benchmark crude oil fell 0.1% to $83.46 per barrel.

This volatility is due to ongoing concerns about when the Strait of Hormuz will reopen to tanker traffic, with over a fifth of the world's crude passing through the strait on a typical day.

The lack of clarity on this issue has led to price swings in Brent crude between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach an agreement to end hostilities.