Brent Targets $90 Again as Hormuz Deal Falters
Brent crude oil continues to recover after its recent decline. On August 11, prices rose to $88.90 per barrel, with the benchmark gaining around 5% over the past two days. The main driver was the deteriorating outlook for a potential U.S.-Iran agreement over the Strait of Hormuz.
At the beginning of August, oil prices were falling amid expectations of a possible deal and a gradual restoration of shipping through the strait. The situation has now changed: renewed disagreements between the two sides have increased the risk of a prolonged standoff and further supply disruptions.
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