With inflation stubbornly elevated above the Fed's two percent target for more than five years -- compounded by the Iran war since February -- monetary policymakers are increasingly considering lifting borrowing costs. Analysts pointed out that there will be one more CPI release and another jobs report before the Fed's next meeting in September. Iran has come out saying that the Strait of Hormuz will remain shut until their conditions are met." He said the positions of the US and Iran indicated "any potential deal is still some way off, meaning risks remain skewed to the upside for oil prices". Equity markets fluctuated ahead of the CPI release, though Seoul enjoyed another strong day as it claws back some of the huge tech-led losses sustained in July.