Oil rises 24% in July amid shipping issues
Oil prices surged more than 24% in July, marking the biggest monthly gain since March, due to shipping disruptions through the Strait of Hormuz and escalating geopolitical tensions between the United States and Iran. The decline in oil tanker traffic and the resumption of reciprocal attacks heightened concerns over supply disruptions, especially amid the increasing risks posed by geopolitical issues and unrest in the Middle East. Additionally, the decrease in U.S. oil inventories supported the price increase. Ongoing negotiations between Iran and Oman regarding the management of the Strait of Hormuz continue, with persistent tensions affecting global oil flows.
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