Oil rises 20% amid Middle East tensions
The oil market experienced significant fluctuations in July, with prices rising by over 20% during the month despite declines in June. This was due to escalating tensions in the Middle East. Following Iran's attack on two oil tankers and the closure of the Strait of Hormuz, vessel passages through the strait decreased by 77% compared to the previous day. Meanwhile, maritime activity through the Bab el-Mandeb Strait continued but with a significant drop. Additionally, tensions between the United States and Iran led to volatility in oil prices, with Brent crude reaching approximately $90 per barrel in July after hitting its lowest levels since February. Prices spiked sharply following the escalation of costly tensions.
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