Oil prices reach July highs amid rising Middle East tensions
Business
Oil prices just hit their highest point since July 30 for Brent crude futures and July 31 for US West Texas Intermediate crude futures after U.S.-Iran negotiations stalled.
Iran announced it's switching to a "fully offensive" military stance, and the US ruled out extending a temporary ceasefire agreement.
All this tension in the Middle East has people worried about oil supplies and what that might mean for gas prices around the world.
Hormuz transits fall to 5
The conflict is already affecting shipping, with only five commodity vessels passing through the crucial Strait of Hormuz on Saturday, way down from 31 just a weekend earlier.
Experts say this slowdown at bottlenecks like Hormuz could put even more pressure on global energy markets if things don't cool off soon.