Rabat / Anadolu

Oil prices rose more than 2% on Tuesday, with Brent crude hitting its highest level in about 6 weeks, as mutual attacks between the United States and Iran escalated and fears over energy supplies through the Strait of Hormuz and the Red Sea increased.

Brent crude futures rose $1.89, or 2.12%, to $91.11 a barrel, while US West Texas Intermediate crude futures increased $2.07, or 2.49%, to $85.30 a barrel, according to trading at 01:12 GMT.

Oil prices are supported by a decline in crude exports through the Strait of Hormuz and fears of widening supply disruptions to the Red Sea, after Yemen's Houthi group threatened to impose a naval blockade on Saudi Arabia.

Earlier on Tuesday, the US Central Command (CENTCOM) announced the completion of the latest wave of strikes on Iran, on the tenth consecutive night of US attacks.

The UK Marine Trade Operations also reported that a tanker in the Strait of Hormuz was struck by an unknown projectile today, prompting its crew to abandon ship and board a lifeboat.

The escalation comes despite Washington and Tehran signing a memorandum of understanding on June 18 that included a ceasefire and the start of negotiations for a broader agreement.

However, US President Donald Trump announced on July 8 the end of the ceasefire, after tankers in the Strait of Hormuz were attacked, which Washington accused Tehran of orchestrating. The United States then resumed its strikes inside Iran, amid escalating Iranian responses in the region.

Washington demands that Tehran stop attacking ships and open all routes of the Strait of Hormuz without restrictions or fees, while Iran insists on subjecting navigation to a mechanism it regulates through the strategic waterway, exacerbating fears of disruption to oil and gas exports from the region.