Oil climbs 2% to four-week high as Strait of Hormuz tensions intensify
London, July 14 (SANA)Oil pricesrose about 2% on Tuesday, reaching their highest levels in four weeks as escalating tensions in theStrait of Hormuzfueled concerns over global energy supplies after the United States reimposed its naval blockade on Iran.
According to Reuters,Brent crudefutures gained $1.68, or 2%, to $84.98 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.65, or 2.1%, to $79.79 a barrel.
Brent had surged 9.6% in the previous session, posting its largest one-day percentage gain since May 2020.
Oil prices are now trading at their highest levels since the United States and Iran signed a memorandum of understanding on June 17 aimed at ending the war.