Oil prices are surging to a one-month high as the U.S. reinstates its Iran blockade

Brent crude rose above $87 a barrel on Tuesday as fresh U.S.-Iran strikes and tanker attacks stoked fears over Hormuz supply flows

Photo: Morteza Nikoubazl (Getty)

Oil prices climbed to their highest level in four weeks on Tuesday after U.S. Central Command announced the resumption of a naval blockade of Iranian ports, compounding concerns over energy flows through the Strait of Hormuz as hostilities between the U.S. and Iran intensified.

Brent crude futures were trading at $86.47 a barrel, a gain of 3.81% on the day and their strongest print since June 12, with U.S. West Texas Intermediate at $80.29 a barrel, up 2.75% and last seen at that level on June 16 — the day before Washington and Tehran inked their memorandum of understanding. The move built on Brent's 9.6% jump from........

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