Oil Prices Soar as Hopes for Iran Deal Fizzle Out

Wall Street experienced a wobbly day on Monday as hopes of a U.S.-Iran peace deal and reopening of the Strait of Hormuz faded. Oil prices jumped 5% in response to these developments.

The decline in U.S. jobs last month may not deter the Federal Reserve from raising interest rates, according to some analysts. The unemployment rate remains low, which suggests that policymakers will continue on their current path.

Hedge funds suffered a turbulent July, with many experiencing significant losses. The Situational Awareness fund saw its portfolio value plunge nearly 70% in the month and was forced to sell most of its assets to Citadel.