Oil posts largest monthly gain since March amid U.S.-Iran tensions
Oil prices are seeing their biggest monthly gain since March, mostly because of rising U.S.-Iran tensions and disruptions in the Middle East.
WTI crude is holding steady near $84 per barrel; Brent is around $89 per barrel, and both have surged this month (WTI is up 21%).
Diesel prices are climbing too, all thanks to conflicts and Houthi attacks that are making supply routes tricky.
IMF warns instability could trigger recession
Shipping through the Strait of Hormuz appears to have picked up in recent days, even with ongoing threats.
Saudi Arabia is pushing for an alliance to counter a Houthi blockade in the Red Sea.
Meanwhile, attacks on tankers and oil facilities continue, plus the Black Sea saw record disruptions in July.
Jay Hatfield, CEO of Infrastructure Capital Management, predicts oil prices will stay volatile ($80 to $100), and the IMF warns that if instability drags on, it could tip the global economy into recession.