Oil Gains on US Jobs Data and Hormuz Risks
Oil prices rose today, supported by U.S. employment data indicating a loss of around 23,000 jobs in July. This has reinforced expectations of a rate cut, leading to increased demand for fuel. The data prompted markets to reassess the chances of tightening U.S. monetary policy, and it is anticipated that this will reduce the likelihood of interest rate hikes, thereby boosting activity in the oil market. At the same time, the oil markets remain exposed to risks stemming from ongoing tensions in the Strait of Hormuz, especially with an Iranian project aimed at blocking the passage of American and Israeli ships. Additionally, there are heightened concerns over potential new attacks on energy and civilian facilities in the region, as the strait is one of the most vital energy corridors in the world.
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