BNO is trading at $48.35 (+3.03%) as Brent crude gains roughly 1% amid uncertainty over when the Strait of Hormuz will reopen.
- Iran reportedly says a shipping-lane arrangement with Oman is nearing completion but insists the United States meet additional conditions, keeping oil-supply risks elevated.
- Brent reached approximately $84.40-$84.46 overnight.
- The weak July jobs report may support broader risk sentiment, but geopolitical supply concerns remain the primary catalyst.