Oil prices continue climb on US-Iran deal doubts; stocks retreat
Uncertainty over the global inflation outlook weighs with the Strait of Hormuz set to potentially stay close
Oil prices climbed to a one-week high on Tuesday, Aug 11, as traders became more skeptical about a possible deal to stabilize the Middle East and reopen the Strait of Hormuz. The uncertainty surrounding the global inflation outlook also contributed to the downward trend. The newly-appointed secretary of Iran’s Supreme National Security Council stated that the Strait of Hormuz would remain closed until the US altered its behavior and accepted Iran's conditions to end the conflict.
Wall Street experienced a retreat, with major indices falling, while gold prices faced a decline from a two-month peak before the release of Wednesday's consumer price data.
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