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Oil prices edge up as Strait of Hormuz reopening optimism cools

Wheat also rose as traders worried about war risks to Black Sea exports.

Reported · Written up by our desk · Energy

Oil prices rose about 1% as traders weighed renewed optimism around a possible reopening related to the Strait of Hormuz, with sentiment tempered by concerns over war risk, according to Guardian Business.

Markets were mixed alongside energy gains, as the broader stock tape showed mixed performance rather than a uniform move.

In commodities beyond oil, wheat prices rose as traders focused on risks to Black Sea exports tied to the ongoing conflict.

European shares were described as mixed, while other economic and company-related items were also in focus during the same session, including a fresh note that Swiss Re warned about heatwave risks.

Latest closeWheat $629.25 ▼2.0%

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