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Oil prices rose by more than 2% today, Tuesday, reaching their highest level in four weeks, as the United States re-imposed a maritime blockade on Iran and intensified attacks in the Strait of Hormuz, increasing uncertainty about energy flows. Brent crude futures increased by 2.5% to $85.60 per barrel, while US West Texas Intermediate (WTI) crude rose by 2.74% to $80.28. This followed a significant surge in the previous session, with Brent posting its largest daily gain since May 2020. Meanwhile, Iran announced that its oil exports are continuing despite the cancellation of US waivers, reflecting challenges in the global oil market resulting from the escalation between the United States and Iran.
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