Oil prices rose nearly 3% today 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.
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.
– Reuters
