Oil Prices Continue to Climb on US Iran Deal Doubts; Stocks Retreat The oil price rally of recent days has sent shockwaves through global markets, casting a long shadow over regional stability in the Middle East.
The Strait of Hormuz, a vital waterway through which one third of the world's seaborne oil passes, remains closed as tensions between the US and Iran persist.
Escalating Prices Reflect Uncertainty Oil prices have surged to a one week high despite mixed economic indicators: Brent futures rose 1. 4% to $88. 91 a barrel, while US crude settled at $83. 20.