16 July 2026, 00:00 AM
16 July 2026, 03:59 AM
File Photo/Reuters
Oil extended gains by around 2 percent on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran’s Islamic Revolutionary Guard Corps threatened to close “all other export corridors that benefit the U.S. and its allies”.Brent futures climbed $1.71, or 2 percent, to $86.44 a barrel at 0806 GMT. West Texas Intermediate futures gained $1.43, or 1.8 percent, to $80.77 a barrel.Oil prices settled up 2 percent at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas passed prior to the beginning of the Iran war.“Regional energy exports are either shared by all, or denied to all,” Iran’s Islamic Revolutionary Guard Corps said in a statement carried by Iran’s IRNA state news agency on Wednesday.
Brent futures climbed $1.71, or 2 percent, to $86.44 a barrel, while West Texas Intermediate futures gained $1.43, or 1.8 percent, to $80.77 a barrel
