Oil jumps to 1-month high as US-Iran clash jolts Hormuz traffic
What's new: Brent neared $85 after tanker traffic through the strait fell to a two-month low and missile strikes hit 2 UAE vessels.
Oil climbed to its highest level in four weeks after the United States restored a naval blockade of Iran and both sides intensified attacks around the Strait of Hormuz, a key route for global crude shipments. Brent crude rose as much as 9.6% on July 13 and traded near $84.80 a barrel on Tuesday, while US West Texas Intermediate approached $79.84. Shipping data showed tanker transits through the strait fell to the lowest level in two months. The UAE said two of its tankers were struck by Iranian cruise missiles in Omani waters, killing one Indian crew member and injuring eight others. The escalation also widened regional risks after Yemen's Houthi movement fired missiles at Saudi Arabia.