Global oil prices notch back-to-back rise, remain 'tethered to the Hormuz narrative'

By Myra P. Saefong and Nora Redmond

WTI prices briefly top $80 for the first time in nearly a month

President Donald Trump backed away from previous comments that he would impose a 20% charge on all cargo transported via the Strait of Hormuz.

Global oil prices on Tuesday notched their largest two-day rise since mid-March in the wake of further escalation in the U.S.-Iran conflict, even as President Donald Trump backed away from his threat to impose a 20% fee on cargo shipped through the Strait of Hormuz.

For now, oil prices will "likely remain tethered to the Hormuz narrative," said Manish Raj, managing director at Velandera Energy Partners.