Oil Climbs to One-Month High as U.S. and Iran Intensify Attacks in the Strait of Hormuz

PUKMEDIA

Oil prices.

Oil prices rose nearly 3% on Tuesday to their highest in four weeks, as ‌the U.S. reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.

According to Reuters report, Brent crude futures were last up $1.50, or 1.8%, to $84.80 per barrel at 0330 GMT, while U.S. West Texas Intermediate crude rose $1.70, or 2.2%, to $79.84 a barrel.

Both contracts earlier rose more than $2 a barrel before paring some gains, while Brent had surged 9.6% in the previous session, its biggest daily gain since May ⁠2020.

Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on June 17.

The U.S. military carried out a third consecutive night of strikes against Iran on Monday, as U.S. President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a 20% fee to guard the Strait of Hormuz.

Amid the strikes, two United Arab Emirates tankers were hit by two Iranian cruise missiles in the southern lane ‌of ⁠the Strait of Hormuz in Omani territorial waters, the UAE Ministry of Defence said on Monday, killing one Indian crew member and wounding eight others.

Shipping data on Monday also showed the number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months.

This eczema patient is testing out a new skin sensor that uses technology from children's toys.

Elsewhere, Yemen's Houthi movement fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under its control on Monday.

Meanwhile, U.S. crude oil stockpiles were expected to have fallen last week, while gasoline and distillate stocks likely rose, a preliminary Reuters poll showed on Monday.



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