Oil prices rose 2 percent on Tuesday, hitting their highest level in four weeks as the United States reimposed its naval blockade on Iran and the two countries escalated their attacks in the Strait of Hormuz, increasing uncertainty about energy flows.

Brent crude futures rose $1.68, or 2 percent, to $84.98 a barrel, while U.S. West Texas Intermediate crude rose $1.65, or 2.1 percent, to $79.79 a barrel. Brent surged 9.6 percent in the previous session, its biggest daily gain since May 2020.

Meanwhile, U.S. President Donald Trump said the United States had reimposed its blockade on Iranian shipping, indicating that he wants his country to collect fees for protecting countries it assists in the Strait of Hormuz.

According to Reuters news agency, Tim Waterer, senior market analyst at KCM Trade, said the latest escalation, including the U.S. reimposition of the blockade and Iranian responses, has clearly introduced new risks to the market, noting that 'although there has been no complete closure, the conflicting objectives of both sides make the supply picture highly uncertain.'