US-Iran war: Oil prices climbed around 2% on Tuesday, 14 July, reaching their highest level in four weeks, after the United States reinstated its naval blockade of Iran and both nations intensified attacks around the Strait of Hormuz, raising concerns over global energy supplies.

Brent crude futures gained $1.68, or 2%, to $84.98 per barrel, while US West Texas Intermediate (WTI) crude advanced $1.65, or 2.1%, to $79.79 per barrel. In the previous session, Brent had surged 9.6%, marking its biggest single-day jump since May 2020.

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