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Oil climbs amid US-Iran deal uncertainty
Oil prices rose amid growing doubts about the possibility of reaching a diplomatic agreement between the United States and Iran, along with concerns over supply disruptions caused by attacks targeting two ships in the Middle East. Brent crude surged to $89.63 per barrel, while West Texas Intermediate reached $83.91. Meanwhile, navigation through the Strait of Hormuz has dwindled to its lowest levels since the start of the conflicts, with forecasts suggesting a continued disruption of approximately 600,000 barrels per day until the end of 2027. In the United States, oil inventories unexpectedly increased by 9.1 million barrels for the week ending August 7, despite expectations of a decline, while fuel stocks decreased amid anticipation of official data later on.
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