Oil prices rose more than 9% at settlement, hitting their highest in a month, after the United States announced the reimposition of a naval blockade covering the entire Iranian coast, ports, and oil terminals.

Data showed that Brent crude futures rose at settlement by $7.29 per barrel, or 9.59%, to reach $83.30 per barrel.

In the same context, US West Texas Intermediate crude rose at settlement by $6.73, or 9.42%, to $78.14 per barrel.

The price jump came amid escalating geopolitical tensions in the region, raising concerns about global oil supplies.