Brent nears $107 as IEA warns Hormuz closure threatens supplies
Business
Oil prices are climbing this week (Brent crude is close to $107 a barrel) because the Strait of Hormuz, a key route for global oil shipments, is still closed.
The International Energy Agency says global oil supplies are dropping fast and warns shortages could last until October, even if things calm down soon.
U.S.-Iran tensions rise after ship seizure
U.S.-Iran tensions are heating up, with an ongoing US naval blockade and a recent ship seizure near the strait making things worse.
President Trump called the current ceasefire on "massive life support," as talks with Iran stall and inflation rises in the US ahead of the midterms.
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