The world’s top oil traders warned that the ongoing closure of the Strait of Hormuz is increasing the risk of a global recession as fuel demand takes a hit.

The rising cost of oil is increasing Russia's export revenues to the highest level since 2022, analysts acknowledged. However, this is unlikely to accelerate economic growth amid some of the highest borrowing costs in the world.

Oil prices eased as traders await potential talks between the US and Iran, with the two sides deadlocked on how to end a war that has triggered a growing energy crisis.Most Read from BloombergKuwait Declares Further Force Majeure on Oil ShipmentsInside Alex Cooper’s Unwell: Tears,

Moscow has resumed loading operations at key ports, setting the stage for a rebound in exports