Oil prices rose to a monthly high after US strikes on Iran

World oil prices rose to their highest level in nearly a month after new US strikes on Iran and the escalation of the situation around the Strait of Hormuz. Reuters reports, UNN informs.

Details

It is noted that on Tuesday, oil prices rose by about 2% to a monthly high after the US reinstated the naval blockade of Iran, which will reduce oil flows from the region through the Strait of Hormuz. Before the war with Iran, about 20% of global oil supplies passed through the strait.

A limiting factor for price growth was the fear that higher energy prices could cause inflation, reduce global economic growth, and ultimately decrease oil demand

The publication clarifies that Brent crude oil futures rose by $1.43, or 1.7%, to $84.73 per barrel, while US West Texas Intermediate (WTI) crude rose by $1.20, or 1.5%, to $79.34.

Recall

World oil prices on Monday rose by more than 9% and reached their highest level in a month after reports of the US intention to reinstate the naval blockade of Iran, which will cover the entire coast of the country, ports, oil terminals, and all vessels regardless of flag.

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