SINGAPORE – Oil prices climbed to their highest level in nearly a month on Tuesday, driven by escalating tensions in the Middle East after the United States announced reinstating a naval blockade targeting Iran and both sides intensified military activity around the Strait of Hormuz.
The developments raised fresh concerns over potential disruptions to global oil supplies.
International benchmark Brent crude gained $1.50, or 1.8%, to trade at $84.80 per barrel by 0330 GMT.
Meanwhile, U.S. West Texas Intermediate (WTI) crude advanced $1.70, or 2.2%, reaching*$79.84 per barrel.
The market rally reflected growing uncertainty over energy shipments through one of the world’s most critical oil transit routes.
At the Commander in Chief’s direction, US Central Command (CENTCOM) forces will resume blockading maritime traffic entering and exiting Iranian ports on July 14 at 4 p.m. ET.
CENTCOM forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas. The US military continues to support traffic flow through regional waters for all vessels not violating the blockade.
The resumption of the US blockade against Iran follows the initial implementation from April 13 to June 18. CENTCOM forces redirected more than 140 compliant vessels, disabled nine non-compliant ships, and allowed over 50 commercial vessels supporting humanitarian aid to pass through the blockade during the two-month period.
All mariners are advised to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches.
Additional information will be provided to commercial mariners through a formal notice.
