Oil Prices Climb on Geopolitical Tensions and Ahead of US Jobs Data

Brent crude prices exceeded $81 a barrel due to uncertainty regarding a potential Iran-Oman agreement to partially reopen the Strait of Hormuz, contributing to inflation concerns. Markets are also awaiting Friday's US jobs report, which economists project will show an 80,000 increase in payrolls for July, following a 57,000 gain in June. This data will offer insights into economic health and potential monetary policy implications.