Oil prices rose above $85 a barrel on Tuesday, hitting their highest level in nearly a month as U.S. strikes on Iranian military targets and disruptions to shipping through the Strait of Hormuz heightened supply concerns.
International benchmark Brent crude rose 2.4 percent, extending its gains since the start of the week to more than 13 percent.
US Central Command (CENTCOM) said its latest five-hour operation targeted military sites along Iran’s southern coastline, including coastal defense systems, missile and drone facilities, and naval capabilities.
The targets were located in Bushehr, Chah Bahar, Jask, Konarak, Abu Musa and Bandar Abbas, according to CENTCOM, which said the strikes were intended to weaken Iran’s ability to attack commercial shipping.
US President Donald Trump said US forces were targeting Iran’s military capabilities linked to the Strait of Hormuz and reimposing a blockade on Iran and ships doing business with Tehran.
Commercial traffic through the strait has slowed to a near standstill amid renewed strikes, security warnings and growing uncertainty over the blockade.
Trump also said Washington is seeking reimbursement from Gulf countries that benefit from US protection of the strait, including Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Bahrain.
The escalation has intensified concerns about possible disruptions to shipments of oil and liquefied natural gas through one of the world’s most important energy transit routes.
Fortune smiles on these 3 zodiac signs until the end of July
Balla asked her to return the MP’s mandate, Marjana Koçeku responds: When I joined the Socialist Party, I…
Oil prices rise after US attacks on Iran and blockade of Hormuz
He insulted the citizen, “go away you bastard” and physically clashed with the journalist, Erjon Braçe reacts: They had ambushed me and my SP colleagues
Damian Gjiknuri, another socialist who steps out of line with Rama