Oil rises to $86 after US restores Iran blockade, threatens strikes on energy targets
On Tuesday, oil prices hit a four-week high, rising 2%, as attacks deepened a supply crisis in the Strait of Hormuz -- a strategic water channel that aided the transport of one-fifth of global energy supplies during the pre-war period.
In this file photo, oil tankers are seen near the Strait of Hormuz. (File Photo) Oil prices jumped for a second consecutive session as US President Donald Trump restored a naval blockade on the Iranian ports on Wednesday over Tehran’s attacks on ships transiting the Strait of Hormuz,
After a rally on Tuesday, Brent rose further on early Wednesday trade by $1.46, or 1.72%, to $86.19 a barrel by 0029 GMT while WTI surged $1.11, or 1.4%, to $80.40 a barrel.
On Tuesday, oil prices hit a four-week high, rising 2%, as attacks deepened a supply crisis in the Strait of Hormuz — a strategic water channel that aided the transport of one-fifth of global energy supplies during the pre-war period.
On Wednesday, the US conducted a fresh wave of strikes that continued for 7 hours. According to the US Central Command, the operation was launched “to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.”
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