Oil jumps to 1-month high as Hormuz attacks cut tanker traffic

Oil climbed to roughly one-month highs after renewed US strikes on Iran and Iranian attacks on ships in the Strait of Hormuz raised fears of a deeper supply shock. Brent settled at $84.73 a barrel on July 14, while US crude closed at $79.34, then held near those levels after a three-day rally. Before the war, about 20% of global oil supply passed through the strait. RBC Capital Markets said a seven-day average of flows there has fallen by 4.6 million barrels a day to 3.9 million since fighting resumed a week earlier. The conflict also hit tankers linked to the United Arab Emirates and added to inflation concerns across the global economy.