Oil climbs near 1-month high as US-Iran strikes squeeze supply
What's new: Brent was up nearly 12% for the week, with risks spreading beyond Hormuz to a possible Red Sea disruption.
Oil prices rose to about a one-month high as renewed US-Iran attacks tightened supply risks around two of the world’s key shipping lanes. Brent settled at $84.73 a barrel on July 14 and later traded at $85.28 on July 17, while US crude climbed to $79.98. The gains followed US moves targeting Iranian shipping through the Strait of Hormuz and fresh strikes near Iran’s southern coast after last month’s truce broke down. Traders also focused on reports that Tehran told Houthi allies to be ready to shut the Red Sea route if US attacks hit Iranian power infrastructure. The International Energy Agency warned oil security remained a critical concern if the conflict did not ease within weeks.