Oil rises nearly 2% after renewed attacks between Washington and Tehran
Oil prices rose during Tuesday's trading, reaching their highest levels in four weeks, after the United States reimposed its naval blockade on Iran, coinciding with the two sides exchanging attacks in the Strait of Hormuz. Both contracts had risen earlier by more than $2 per barrel before trimming gains, after Brent crude recorded a 9.6% increase in the previous session, its biggest daily gain since May 2020, according to Reuters. These developments come after the US military carried out airstrikes for the third consecutive night against Iranian targets, increasing…
Oil rises nearly 2% after renewed attacks between Washington and Tehran
Oil barrels
Oil prices rose during Tuesday's trading, reaching their highest levels in four weeks, after the United States reimposed its naval blockade on Iran, coinciding with the two sides exchanging attacks in the Strait of Hormuz.
Both contracts had risen earlier by more than $2 per barrel before trimming gains, after Brent crude recorded a 9.6% increase in the previous session, its biggest daily gain since May 2020, according to Reuters.
These developments come after the US military carried out airstrikes for the third consecutive night against Iranian targets, coinciding with US President Donald Trump's decision to reimpose the blockade on Iranian navigation and proposing a 20% fee to protect the Strait of Hormuz.
Change in futures prices of the two benchmark crudes
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (September delivery)
84.90
+1.60
+1.90%
NYMEX (August delivery)
79.83
+1.69
+2.15%
* At 07:56 AM Mecca time.
The US crude inventory report from the American Petroleum Institute is awaited later today, before official data from the US Energy Information Administration tomorrow Wednesday.
Brent and NYMEX crude prices
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Original source: Argaam
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