UK inflation increases in July, driven by a surge in gas bills; oil prices rise again – business live

Brent crude approaches $92 a barrel; Asian shares slump after Wall Street chip sell-off Scott Gardner, investment strategist at J.P. Morgan Personal Investing, described the rebound in UK inflation as a “warning shot for what could come next”. He explained: UK headline inflation jumped in July as the Ofgem energy price cap rise hit household bills. The increase was expected but marks a clear reversal from previous months when the headline rate was falling. Until now, the spike in global energ...

By Julia Kollewe

WTI Rises As Distillate Stocks Draw, Cushing Back Near 'Tank Bottoms', SPR At 43-Year Lows

WTI Rises As Distillate Stocks Draw, Cushing Back Near 'Tank Bottoms', SPR At 43-Year Lows Oil prices are chopping sideways (to modestly higher) for the second day in a row as traders weighed the 'dark fleet' transits with renewed tensions in the Middle East further clouding the outlook for flows through the vital Strait of Hormuz. “A combination of the escalation between the UAE and Iran, coupled with a market increasingly pricing a ‘closed for longer scenario,’ keeps oil and r...

By Tyler Durden

Middle East shipping risks push oil toward $100 as winter approaches

A missile strike on a cargo ship in the Bab el-Mandeb Strait overnight has already had an impact on global oil markets, sending crude prices higher. Brent crude on the London exchange rose to $91.63 per barrel, while WTI reached $85.28 and Urals climbed to $84.60. Azerbaijan’s Azeri Light, known for its low sulfur content and high quality, is trading at an even higher price of $94.58 per barrel.