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Though energy prices fell last month after their spring surge, other factors pushed up costs as the Fed considers raising interest rates.
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Even if a cease-fire materializes, Gulf exporters recognize that relying strictly on the Strait of Hormuz is a risk they can no longer take.
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The conflict in the Middle East has pushed up oil and fuel prices, and also disrupted supply chains.
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Consumer prices in July were up 3.4% from a year ago — a smaller annual increase than in May or June. The news makes it less likely the Fed will feel the need to raise interest rates in September.
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Eclipse demand pushed some Spain and Iceland stays above $1,000 a night, while Iceland hotels cut prices sharply closer to Aug. 12.
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The IEA expects oil demand to fall by 1.6 million barrels a day in 2026 as high fuel prices and Strait of Hormuz disruptions weigh on consumption.
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The latest Consumer Price Index report helped to reinforce the patient approach adopted by many officials at the Federal Reserve about raising rates, but it has not resolved the debate altogether.
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Russia released an American military veteran, allowing his return to the U.S. after four years of what his family and U.S. officials allege was wrongful incarceration and abusive treatment.
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The stalemate over the Iran war hardened and commercial shipping in the Strait of Hormuz continued to dwindle.
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Iran has set a high price for President Trump to re-open the Strait of Hormuz, while Israel's PM has rejected his Gaza plan.
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