Over the weekend, Iran shut the Strait of Hormuz amidst continued Israeli strikes on southern Lebanon. This led to Brent Aug’26 to gap higher by c. USD 2/bbl.

LONDON: Oil prices edged back up and stock markets stabilised on Friday after postponement of US-Iran peace deal...

Crude opened firmer after reports suggested Iran had closed the Strait of Hormuz. However, this then reversed on a joint mediator statement, Brent currently in the red.