Oil prices rise as hostilities worsen in the Middle East
Oil prices closed up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas passed before the beginning of the US-Israeli war on Iran.
Tehran says it has again closed the strait after hostilities between Iran and the US reignited last week, fraying an already fragile truce reached in June after several months of fighting.“Brent and WTI have made upward corrections in line with escalating attacks, but the quantum of move is likely now tempered as the market waits to see any change in stance from the US and Iran,” said June Goh, senior oil market analyst at Sparta Commodities.
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