Oil Gains on Inflation Concerns
Oil prices rose significantly today, Tuesday, driven by concerns over inflation sparked by uncertainty surrounding the US-Iran talks, as well as declining hopes for reopening the Strait of Hormuz, which remains the main factor. The US President rejected Iran's offer to cease fire for seven days, further escalating tensions in the region. The potential reopening of the strait, contingent on lifting the blockade and sanctions, contributed to a 2% increase in Brent crude to nearly $107, and a 1.8% rise in West Texas Intermediate to over $94, pushing government bond yields to their highest levels in years and increasing global inflationary pressures.
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