Oil Prices Rise to One-Month High as U.S. Implements Increased Maritime Restrictions on Iran

Oil prices have risen sharply, reaching their highest levels in about a month after the United States imposed a naval blockade on Iran. This poses a threat to reduce oil flows through the Strait of Hormuz, which accounts for approximately 20% of global supplies. Brent crude prices increased to $84.73 per barrel, while US crude futures rose to $79.34, amid ongoing concerns over the potential escalation of the conflict between Washington and Tehran and its impact on global energy supplies.

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