Crude oil hits one-month high amid renewed US-Iran fighting
Brent crude hit its highest price since June on June 20 due to renewed fighting between the United States and Iran.
Crude has surged over the past week as Washington and Tehran traded fire, raising fears of a sustained disruption in the Strait of Hormuz, which normally carries around a fifth of the world’s seaborne oil.
Both Brent crude and US benchmark West Texas Intermediate extended their gains after climbing more than four percent at the end of last week. Brent rose above $91 a barrel, its highest price since June 11.
Higher crude prices have revived concerns that inflation could remain elevated and complicate the path to lower interest rates, but some analysts argue the broader economic backdrop is becoming more supportive.
