Oil prices climbed to four-week highs on Tuesday as the U.S.–Iran military confrontation ramped up and fresh threats to shipping through the Strait of Hormuz stoked fears of prolonged energy supply disruptions.
Brent crude futures rose $3.17, or 3.8 percent, to $86.47 per barrel by 5:41 a.m. ET after touching their highest level since June 12, while U.S. West Texas Intermediate crude gained $2.15, or 2.8 percent, to $80.29 a barrel, its strongest level since June 16, just before Washington and Tehran signed a memorandum of understanding aimed at ending the war.
The gains came after President Donald Trump announced that Washington was reinstating a blockade of Iranian shipping and would impose fees on cargo transiting the Strait of Hormuz, reigniting concerns over one of the world’s most important energy chokepoints….