Business & Markets
Oil prices rise as Strait of Hormuz worries grow
Oil prices rose further on Friday and most stock markets fell as optimism faded over a deal to reopen the Strait of Hormuz, after Iran's Fars news agency said Tehran would seek to stop US and Israeli vessels using the waterway in any deal with Oman.
West Texas Intermediate was up 0.6 percent at $77.75 per barrel and Brent North Sea crude rose 0.9 percent to $83.24 around 0810 GMT. Crude had begun edging up on Wednesday and rallied as much as four percent on Thursday after the Fars report.
The report reduced hopes for a full reopening of the Strait of Hormuz, a route through which about a fifth of global oil and LNG passes. The waterway has been choked off for most of the Middle East war.
The renewed concern revived inflation fears and brought interest rate rises back into market focus.
Markets had risen earlier in the week after US President Donald Trump called off strikes on Iran and said an agreement was close. Tehran denied that talks with Washington had taken place.
Iran also said it was close to a pact with Oman on managing the waterway, but said the United States would need to end its naval blockade of Iranian ports.
Stocks were mostly lower. Seoul was again weighed by concerns over the AI boom, while Tokyo's Nikkei 225 closed down 0.1 percent at 65,606.71. Sydney, Wellington, Taipei, Bangkok and Mumbai also fell.
Hong Kong's Hang Seng Index rose 0.5 percent, Shanghai's Composite gained 1.0 percent, and Singapore and Jakarta edged up. London's FTSE 100 was up 0.2 percent in morning trading, while Paris and Frankfurt were slightly higher.
The moves followed a pullback on Wall Street, where the Dow Jones Industrial Average closed down 0.9 percent at 53,885.10 after three days of record highs.
Markets were also awaiting US jobs data later Friday and consumer price figures next week, both of which could affect Federal Reserve decisions on interest rates.
Clark Bellin of Bellwether Wealth said the jobs figures were important and that markets would need a number that was neither too strong nor too weak to keep rising.
Michael Hewson of Market Insights said the July US consumer price index would be closely watched for signs of slowing price pressure, especially after three Federal Reserve policy board members dissented in favour of a 25-basis-point rate hike at the recent Fed meeting.
Update
West Texas Intermediate was up 0.6 percent at $77.75 per barrel around 0810 GMT.
Brent North Sea crude was up 0.9 percent at $83.24 per barrel around 0810 GMT.
London's FTSE 100 was up 0.2 percent in morning trading, while Paris and Frankfurt were slightly higher.
Source note: AFP news report published on 7 August 2026 at 08:20:52 UTC.
Update
West Texas Intermediate was up 0.9 percent at $77.97 per barrel and Brent was up 1.2 percent at $83.46 around 0715 GMT.
Tokyo closed down 0.1 percent, while Hong Kong and Shanghai moved higher in the later figures.
London, Paris and Frankfurt opened slightly higher.
The later version adds analyst comments on US jobs data, July consumer price data and Federal Reserve rate concerns.
Source note: AFP news report published on 7 August 2026 at 07:37:05 UTC.
Update
Oil prices extended gains on Friday after rising on Wednesday and Thursday.
Fars news agency said Iran would seek to prevent US and Israeli vessels using the Strait of Hormuz in any deal with Oman.
Both main crude contracts were up around one percent at about 0230 GMT Friday.
Asian equity markets were mostly lower, and the Dow fell after three days of record highs.
Investors were awaiting US jobs data and next week's consumer price figures for signals on Federal Reserve rate decisions.
Source note: AFP news report published on 7 August 2026 at 02:48:41 UTC.
Update
Brent North Sea crude was down 5.3 percent at $79.36 per barrel around 2040 GMT.
West Texas Intermediate was down 5.7 percent at $75.77 per barrel around 2040 GMT.
The Dow closed up 1.7 percent at 54,085.88, the S&P 500 closed up 1.8 percent at 7,736.52 and the Nasdaq closed up 2.6 percent at 26,584.99.
Two of the three major Wall Street indexes reached fresh records.
A crew member was listed missing on a merchant ship hit by a projectile in Hormuz.
Source note: AFP news report published on 4 August 2026 at 20:55:21 UTC.
Update
Paris and Milan benchmark indexes closed at all-time highs.
Frankfurt and Madrid extended records reached on Monday.
Source note: AFP news report published on 4 August 2026 at 16:07:50 UTC.
Update
Brent was down 4.9 percent at $79.69 a barrel around 1540 GMT.
West Texas Intermediate was down 5.4 percent at $76.04 a barrel around 1540 GMT.
The Dow was up 1.6 percent, the S&P 500 up 1.4 percent and the Nasdaq up 2.0 percent around 1540 GMT.
Lufthansa shares were down eight percent after the airline warned volatile jet fuel costs would affect full-year profit.
Source note: AFP news report published on 4 August 2026 at 15:53:40 UTC.
Update
Brent crude was down 4.5 percent at $79.98 a barrel around 1345 GMT, and West Texas Intermediate was down 5.2 percent at $76.19.
The Dow was up 1.0 percent, the S&P 500 up 0.6 percent and the Nasdaq up 1.2 percent around 1345 GMT.
An unknown projectile hit a cargo ship in the Strait of Hormuz on Tuesday.
US President Donald Trump said the waterway could reopen within hours, while Treasury Secretary Scott Bessent told CNBC there could be a deal by Tuesday or Wednesday.
Saudi Aramco reported a 44 percent rise in net profit, and the five biggest Western energy majors reported combined April-June net profits of almost $47 billion.
Lufthansa shares fell 11 percent after the airline said volatile jet fuel costs would affect full-year profit.
Source note: AFP news report published on 4 August 2026 at 13:59:07 UTC.
Uncertainty notes
The final terms and timing of any Iran-Oman arrangement on managing the Strait of Hormuz remain unclear.
The Fars report about possible restrictions on US and Israeli vessels has not been independently established in the supplied material.
The effect of forthcoming US jobs and consumer price data on Federal Reserve rate decisions remains uncertain.
Source
AFP news report published on .