Latest Oil Market News and Analysis for Aug. 7

Iran conducted attacks on targets in the Strait of Hormuz on August 7, according to Iranian state media reports. Iranian officials stated the action was intended to restrict U.S. vessel passage through the waterway. The Strait of Hormuz is a major global shipping route through which approximately one-third of the world's seaborne oil passes. Oil prices rose following the reports of the Iranian military action.

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