Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran stepped up retaliatory attacks in and around the Strait of Hormuz, raising fresh concerns over global energy supplies.

Brent crude climbed above $78 and WTI gained over 3% as escalating Iran-US tensions and threats to Strait of Hormuz shipping raised global supply concerns.

Crude oil prices soared nearly 5% on July 13, with Brent nearing $80 per barrel, as escalating US-Iran strikes fueled market volatility and supply concerns.

Crude oil futures surge over 4% amid escalating US-Iran conflict and threats to the vital Strait of Hormuz.

Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran…