Oil climbs to one-month high as US, Iran step up attacks in Strait of Hormuz

Oil prices rose 2% on Tuesday to the highest level in four weeks as the U.S. reimposed a naval blockade of Iran and both sides escalated attacks in the Strait of Hormuz. The move is increasing uncertainty around energy flows and is likely to be sector-relevant for energy pricing.

Analysis

Oil prices rose 2% on Tuesday to the highest level in four weeks as the U.S. reimposed a naval blockade of Iran and both sides escalated attacks in the Strait of Hormuz. The move is increasing uncertainty around energy flows and is likely to be sector-relevant for energy pricing.