Oil prices near 90 as Strait of Hormuz closure fuels inflation fears ahead of U.S. CPI data
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2 days · 3 summary articles
Oil prices near 90 as Strait of Hormuz closure fuels inflation fears ahead of U.S. CPI data
Yen weakens as U.S.-Japan intervention fades; oil steadies near one-week high on Iran tensions
ContinuationIran says Strait of Hormuz will stay closed until US meets demands: Oman deal nears but Tehran ties reopening to sanctions lift
Oil prices climbed on Wednesday as geopolitical tensions and fading hopes for a reopening of the Strait of Hormuz pushed Brent crude near $90 a barrel, while investors awaited a key U.S. inflation report.
Brent crude, the international benchmark, rose 0.9% to $89.67 a barrel early Wednesday, with U.S. benchmark crude up 0.9% to $83.98. Gold also edged higher, gaining 0.8% to $4,400.44 an ounce, while silver rose 1% to $65.30 an ounce. The price swings follow months of volatility, with Brent’s price oscillating between $72 and $102 a barrel in July alone.
The Strait of Hormuz, which carried about one-fifth of global oil supplies before the conflict, remains closed after the U.S. and Israel attacked Iran in late February. Yemen’s internationally recognized government accused Iran-backed Houthi rebels of killing six people in missile strikes on a commercial vessel in the Bab al-Mandeb strait on Tuesday. The U.S. Central Command said it disabled a Panama-flagged cargo vessel attempting to break the U.S. blockade of Iranian ports.
Qatar’s Foreign Ministry stated on Tuesday that talks between Oman and Iran on reopening the strait were at an advanced stage, but analysts warned that confidence in a quick resolution was eroding. “The longer talks drag on without visible progress, and the more complex the reported demands become, the greater the scepticism that a workable agreement can be reached quickly,” said Tim Waterer, chief market analyst at KCM Trade in Sydney .
Higher oil prices have worsened inflation pressures in the U.S., pushing the average cost of a gallon of regular gasoline to $4.01, up from less than $3.14 a year ago, according to AAA. Economists expect the U.S. Consumer Price Index, due Wednesday, to show inflation slipped to 3.4% in July from 3.5% in June.
Wall Street pulled back from record highs, with the S&P 500 falling 0.3% on Tuesday for a second consecutive drop since its all-time high on Friday. The Dow Jones Industrial Average dipped 184 points, or 0.3%, and the Nasdaq Composite sank 0.6%. Treasury yields have risen since the war with Iran began, driving long-term U.S. mortgage rates to their highest levels in a year.
Asian markets were mixed, with South Korea’s Kospi surging more than 4% on renewed chip-buying, while Tokyo’s Nikkei 225 gained 0.6% to 67,334.94. European markets saw Spain’s Ibex 35 close at a record high of 20,200 on Tuesday, led by Repsol and renewable energy stocks, despite the oil price surge .
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