Oil prices climbed to multi-week highs as renewed U.S.-Iran tensions and concerns over Strait of Hormuz shipping disruptions revived the geopolitical risk premium.

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.

Oil prices surged by more than 4% after renewed U.S.-Iran hostilities and competing claims over the status of the Strait of Hormuz reignited fears of major supply disruptions.

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…