Oil Climbs to Four-Week High as US-Iran Conflict Threatens Hormuz Shipping, Again
Oil prices climbed nearly three percent on Tuesday, extending a sharp rally after renewed military confrontation between the United States and Iran raised fears of disruptions to global energy supplies through the Strait of Hormuz. Brent crude rose 2.3 percent to USD 85.20 a barrel. On Monday, Brent saw its largest one-day increase since the […]
Black News 
Oil prices climbed nearly three percent on Tuesday, extending a sharp rally after renewed military confrontation between the United States and Iran raised fears of disruptions to global energy supplies through the Strait of Hormuz.
Brent crude rose 2.3 percent to USD 85.20 a barrel. On Monday, Brent saw its largest one-day increase since the early days of the COVID-19 pandemic and is now trading at its highest level in four weeks.
The gains followed a third consecutive night of US strikes on Iran. President Donald Trump also reinstated a naval blockade targeting Iranian shipping and proposed a 20 percent fee to finance security operations in the Strait of Hormuz, one of the world’s most critical oil transit routes.
Tensions intensified further after two United Arab Emirates oil tankers were struck by Iranian cruise missiles in the southern lane of the Strait of Hormuz, within Omani territorial waters, according to the UAE Ministry of Defence. One Indian crew member was killed and eight others were injured.
Shipping data also showed tanker traffic through the strait fell to its lowest level in two months, underscoring growing concerns over the security of one of the world’s busiest energy corridors.
Regional tensions also widened after Yemen’s Houthi movement launched missiles toward Saudi Arabia, accusing the kingdom of carrying out an airstrike on an airport under Houthi control.
