Oil climbs to one-month high as US, Iran step up attacks in Strait of Hormuz

Oil prices rose 2% on Tuesday to their highest in four weeks, as the US 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 climbed $1.68, or 2%, to $84.98 per barrel by 0051 GMT, while US West Texas Intermediate crude rose $1.65, or 2.1%, to $79.79 a barrel. Brent crude 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. 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.