Oil prices surged to almost $87 a barrel on Tuesday, their highest level in a month after the United States and Iran traded attacks amid a struggle for control of Hormuz Strait which has seen at least one seafarer killed and eight injured in strikes on oil tankers by Iranian Revolutionary Guard Corps forces. File photo by Neil Hall/EPA
July 14 (UPI) -- Oil prices surged to a one-month high overnight after the United States and Iran traded attacks amid a struggle for control of the Hormuz Strait which has seen at least one seafarer killed and eight injured in strikes on oil tankers by Iranian Revolutionary Guard Corps forces.
The benchmark Brent crude contract for September delivery was trading at $86.90 in London at lunchtime on Tuesday, up $3.60 a barrel, while the contract for West Texas Intermediate for August delivery was changing hands up $2.42 at $80.56 a barrel.
The increases were on top of sharp gains on Monday amid three consecutive nights of strikes against Iranian military targets by U.S. Central Command and an announcement by U.S. President Donald Trump that he was reimposing the U.S. blockade of Iranian ports, taking control of the Hormuz Strait and threatening to impose 20% tolls on transiting cargo vessels.
