Bond sell-off intensifies around the world as oil prices rise above $91 a barrel, stoking inflation fears – business live
Renewed fighting in Middle East weighs on financial markets; Shein shares tumble after Hong Kong stock market debutOil prices are heading higher after the latest escalation in the Middle East, with Brent crude now up 0.8% at $91.23 a barrel.On Monday, five commodity vessels transited the strait of Hormuz, similar to recent days but below the 10-day average of 14, according to shipping data from KPler, but none of them were liquid tankers.Despite satellite tracking firms suggesting oil flowing through Hormuz is around 6m barrels a day, that is well below pre-conflict levels.In the meantime, the buffers the global oil market has been relying on are becoming exhausted. US inventories are nearing minimum levels, while China’s ability to keep imports low will be tested as seasonal demand picks up. Continue reading…
To read the full story from the source: The Guardian – International
