Oil rises over 2% to July highs
Oil prices rose by over 2%, reaching their highest levels since late July, due to declining hopes of a quick agreement between the United States and Iran to reopen the Strait of Hormuz for shipping. The ongoing disagreement between Washington and Tehran over the terms to end the sanctions and settle debts has heightened fears of continued market disruptions, as oil exports through Hormuz fell from 4.4 million barrels to 3 million barrels per day. Gains accumulated after prices increased by about 7% over two weeks, amid rising geopolitical risks and higher shipping and insurance costs.
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