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Oil jumps as Strait of Hormuz tensions flare, Brent still under $85

MUFG said Iran has proposed restrictions on US and Israeli ships, but its base case remains that oil trends lower over time despite episodic escalation.

Reported · Written up by our desk · Energy

Oil prices rose on renewed tensions around the Strait of Hormuz, according to MUFG analyst Michael Wan, even as Brent remained below US$85 per barrel.

Wan pointed to Iran’s proposed restrictions on US and Israeli ships as a key factor, alongside broader regional conflict risks.

MUFG expects oil prices to trend lower over time, saying gains may be cushioned by episodic escalation and de escalation.

Elsewhere in FX markets, FXStreet noted the Middle East uncertainty is supporting haven demand for the US dollar ahead of the July US Nonfarm Payrolls release. The US Bureau of Labor Statistics is scheduled to publish the data on Friday at 12:30 GMT.

Latest closeBrent $83.46

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