🔸 Oil prices rose, stocks fell back; markets await two developments

Global markets on Friday, August 7, saw an increase in oil prices and a decline in stock indexes, shaped by two main factors: reduced optimism about a full reopening of the Strait of Hormuz and investor caution ahead of the release of the United States employment report.

Agence France-Presse reported today, August 7, that oil prices rose for the second consecutive day; because market hopes of reaching an agreement that would lead to the full reopening of the Strait of Hormuz have faded.

The agency, citing a report from the Iranian news agency Fars, wrote that "Iran, within any possible agreement with Oman, will seek to prevent U.S. and Israeli ships from passing through the Strait of Hormuz," a development that lowered hopes of the full reopening of this strategic waterway.

Reuters also, citing Fars, reported that a committee in Iran’s parliament (Majles) is examining a draft bill under which the passage of ships of the United States, Israel and other countries described as "hostile" would be banned through the Strait of Hormuz.