Oil rises 2% to more than one-week high as US-Iran peace hopes dim
In a note on Monday, analysts at Barclays said that in the week ending August 7, crude oil and refined product net exports through the Strait of Hormuz averaged 3 million barrels per day (bpd), down from 4.
Oil prices rose more than 2% on Tuesday to over one-week highs as hopes for a US-Iran deal to end the war and reopen the Strait of Hormuz faded after President Donald Trump demanded compensation from Tehran.
Meanwhile, the Abu Dhabi National Oil Company (ADNOC) is offering spot crude in a tender, its eighth issued since the start of June as the UAE state oil company works to move oil from inside the Strait of Hormuz.
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