Oil prices today: Crude surges to one-month high as US-Iran conflict escalates
Global oil prices have surged to a one-month high following the US reinstatement of a naval blockade on Iran and subsequent military strikes. The escalation has raised significant concerns regarding the stability of energy supplies through the Strait of Hormuz.
Why it matters
Rising oil prices directly impact global inflation and economic stability, making this geopolitical conflict a major concern for international markets.
Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran stepped up retaliatory attacks in and around the Strait of Hormuz, raising fresh concerns over global energy supplies.Brent crude futures rose $1.68, or 2%, to $84.98 a barrel, while US West Texas Intermediate (WTI) crude gained $1.65, or 2.1%, to $79.79 a barrel in early trade. Brent had already surged 9.6% in the previous session, marking its biggest single-day gain since May 2020.The latest rally pushed oil prices to their highest levels since the US and Iran signed a memorandum of understanding on June 17 aimed at ending the conflict, Reuters reported.This comes after US President Donald Trump announced that Washington had reimposed a blockade on Iranian shipping in the Strait of Hormuz and said the United States would seek reimbursement from…
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