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Brent and WTI crude futures advanced on Wednesday as prolonged uncertainty over the Strait of Hormuz's operational status kept traders cautious. Collapsed peace talks and military posturing by Iran underscore regional risks threatening vital Middle Eastern exports.
US markets opened August with robust gains as signals of de-escalating Iran tensions pushed oil prices lower and boosted investor confidence. The Dow, S&P 500 and Nasdaq all advanced significantly.
Shell has reported a 70% jump in first-half earnings to US$16.75 billion, benefiting from volatile oil prices triggered by Iran tensions and geopolitical uncertainty affecting global energy markets.
Jordan activated air raid sirens across multiple regions Sunday after reports that Iranian missiles targeted the coastal city of Aqaba. Israeli and Jordanian forces said they intercepted the projectiles.
The US Central Command has confirmed that an Iranian ballistic missile and drone assault on a military facility in Jordan on July 17 resulted in two American service members being killed in action, with a third missing.
The EU and GCC have jointly declared that no state can claim sovereignty over the Strait of Hormuz or impose fees on international shipping, reaffirming rights protected under international maritime law.