Despite continued conflict in the Middle East, particularly around the Strait of Hormuz, Brent Crude prices fell 2.7% across July due to concerns around declining demand.

GBP suffered throughout July, falling from 1.27 to a 28-month low of 1.21 against USD, over fears that the UK is heading for a no-deal Brexit due to new PM Johnson’s stance.

Iran’s relationship with the West worsened in July after an Iranian tanker was seized due to contravention of EU sanctions, before Iran took a British vessel in retaliation.