Get the latest news and updates from Dawn
Oil prices rose on Tuesday to their highest in four weeks, as the US reimposed its naval blockade of Iran and as renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
Brent crude rose to its highest since June 12 and US West Texas Intermediate to its highest since June 16 — before the United States and Iran signed a memorandum of understanding to end the conflict on June 18.
Brent crude futures were up $2.89, or 3.47pc, at $86.19 per barrel at 4:58pm PKT, while WTI crude rose $1.53, or 1.96pc, to $79.67 a barrel.
“Despite signing the memorandum of understanding and having a deal, this did not last for even a few weeks. So that’s the concern the market is trying to price right now,” said ANZ analyst Soni Kumari.
