According to CoinMeta, analysts Charlie Lay and Henry Hao from Deutsche Bank pointed out that as the market re-evaluates the prospects of the Hormuz Strait agreement, prices for Brent crude oil and WTI crude oil have strengthened. Iran insists that the Hormuz Strait will remain closed until the conditions are met, and ongoing geopolitical risks may keep the energy market tense and exert upward pressure on U.S. inflation again. Contradictory signals indicate that negotiations are progressing, but it does not seem that an agreement to restore normal shipping through the Hormuz Strait will be reached any time soon. Geopolitical risks in other parts of the Middle East remain high. A U.S. Navy helicopter opened fire at a cargo ship that attempted to break through the U.S. blockade of Iranian ports, while separate incidents involving merchant ships were also reported along the coast of the Oman Gulf and the Red Sea in Yemen. Due to disruptions in refining capacity in other regions, diesel prices in Europe have also soared, exacerbating market concerns about the already tense energy market. The decline in energy prices in July helped to ease overall inflation, but the subsequent rebound in oil prices means that energy may once again put upward pressure on inflation in the coming months.