Symbolic imageOil holds gains as Hormuz stays shut
Crude held its gains on Tuesday, a day after prices surged as hopes of reopening the Strait of Hormuz faded again. Stock markets in New York and Mumbai lost ground.
The Wall Street Journal reported on Monday, 10 August, that oil surged with no Hormuz deal in sight; on Tuesday it put a dip in futures down to a likely technical correction, while Bloomberg reported crude holding its gains. Handelsblatt reported that Tehran said it was close to a final accord with Oman on new shipping routes, but insisted Washington meet several conditions before the waterway reopens. Bloomberg reported Iran's export terminals looking idle under the continuing US naval blockade.
Fed bets shift after weak jobs data
Handelsblatt reported US indices hit records last week, their best week since April, on hopes of Middle East calm and weak labour data. Traders now put the chance of a September Fed rate rise at about 46 percent.
Teapots eye Iranian crude
Bloomberg reported on Tuesday that China's independent refiners, the teapots, may buy more Iranian oil as their stockpiles dwindle.
Kerosene lifts air fares
Costly kerosene has pushed airline fares up since the Iran war began in late February, an analysis by data provider Cirium for Handelsblatt shows; Lufthansa's chief executive sees room for further increases.
Other opinions
The Hindu framed the day as a domestic story of Indian shares falling on the crude spike; Handelsblatt saw Wall Street barely changed at records, the Wall Street Journal saw indexes turning lower.