Oil climbs to one-month high as US, Iran step up attacks

This is AI generated summarization, which may have errors. For context, always refer to the full article.

TANKERS IN GULF. Tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026.

Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on June 17

Oil prices rose 2% on Tuesday, July 14, to their highest in four weeks, as the US reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.

Brent crude futures LCOc1 climbed $1.68, or 2%, to $84.98 per barrel by 0051 GMT, while US West Texas Intermediate crude CLc1 rose $1.65, or 2.1%, to $79.79 a barrel. Brent crude surged 9.6% in the previous session, its biggest daily gain since May 2020.