Oil jumps to 1-month high as US-Iran attacks disrupt Hormuz flows
What's new: Brent settled at $84.73 and WTI at $79.34 after renewed strikes and tanker attacks raised inflation and diesel-supply fears.
Oil prices climbed about 2% Tuesday to their highest levels in a month after renewed US-Iran hostilities deepened disruptions around the Strait of Hormuz, a key route that carried roughly 20% of global oil supplies before the war. Brent crude rose $1.43 to settle at $84.73 a barrel, while US West Texas Intermediate gained $1.20 to $79.34. Prices briefly turned negative after President Donald Trump backed away from a proposed 20% fee for protecting Hormuz traffic and said the waterway was open to all shipping except Iran. Crude later rebounded after reports that Iranian cruise missiles hit two Emirati oil tankers, killing one Indian crew member and wounding eight others, adding to worries over fuel supplies and inflation.