Oil Prices Surge as Hopes for Strait of Hormuz Reopening Fade
4 sources across 3 countries · United States · South Africa · United Kingdom
Who reported this
- CNN
- Associated Press
- Daily Maverick
- Reuters
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
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Global oil prices rose by approximately 5 percent as hopes for a peace deal between the United States and Iran dimmed. Brent crude futures settled up 4.99 percent at 87.72 dollars a barrel, while U.S. West Texas Intermediate crude futures closed up 5.05 percent at 82.13 dollars. These gains follow a period where prices fell more than 7 percent on expectations that Iran and Oman were nearing a deal to reopen the Strait of Hormuz.
The waterway remains closed as both nations demand compensation. Iran has stated that the U.S. must lift sanctions and end military threats before the strait is reopened. Conversely, President Donald Trump has asserted that Iran must pay compensation for people killed and wounded. Iranian Foreign Minister Abbas Araqchi stated that Tehran will not begin talks while Washington is in breach of an interim deal signed in June.
Additional supply pressures include Houthi attacks on Saudi Aramco's Jazan refinery, which has postponed its restart to August 30. The UAE's state owned oil company, ADNOC, reported that 15 of its vessels have been attacked in the Strait of Hormuz since the conflict began. Simultaneously, Ukrainian military strikes have targeted Russian energy infrastructure, including the Taneco oil refinery and the ZapSibNeftekhim petrochemical plant. In the United States, Strategic Petroleum Reserve stocks fell to their lowest level since January 1983. The rise in oil prices coincided with a slight decline in U.S. stocks from their record highs and drifting stocks in Asia.
How each side framed it
- Centre-left
- These outlets provided more granular detail on the specific demands of both nations and the broader regional conflict.
- Centre
- These outlets focused on the market stability and the general stalemate between the U.S. and Iran.
Sources
- Centre Associated Press: US stocks edge down from their record after oil prices climb 5% - AP News
- Centre-left CNN: Oil prices tick up as Hormuz reopening looks distant
- Centre-left Daily Maverick: Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade
- Centre Reuters: Oil steadies near one-week highs as US-Iran peace deal hopes dim - Reuters
- Centre Reuters: Oil prices rise, Asia stocks drift amid US-Iran stalemate - Reuters
100% of the statements in this article were traced back to the source articles listed above.