Oil markets are on edge again

Brent crude rose to $102 on July 23 before falling to $92, still 30% above July 1 levels.

America and Iran signed a deal in June waiving sanctions on Iranian oil exports for safe passage through the Strait of Hormuz.

Renewed Iranian attacks on tankers and American strikes have reduced Hormuz traffic from over 8 million b/d to under 2 million b/d.

Iran-allied Houthi rebels have declared a blockade of Saudi Arabia's Red Sea ports and claim to have fired drones and missiles at Saudi oil facilities.

Rystad Energy's Jorge León warns Brent could top $139 and rise toward $150 by September if traffic does not resume.