Oil hits one-week high amid tensions
Rising tensions in the Middle East and Russia have led to oil prices reaching their highest levels in two weeks, with Brent crude contracts increasing by 1.1% to $88.67 per barrel, and West Texas Intermediate rising by 1.3% to $83.17. Iranian statements confirmed that the Strait of Hormuz will remain closed as long as Washington does not accept Tehran's terms. This comes amid a decline in maritime traffic to six ships through the strait due to escalating armed assaults, including Houthi attacks on strategic zones in Yemen, and threats from Libya and Ukraine, all of which heighten geopolitical tensions that have driven up oil prices by as much as 44% since the beginning of the year. Markets are expecting U.S. inventories to decrease by 0.5 million barrels during the week ending August 7, reflecting shrinking stocks amid ongoing disruptions.
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