Oil up 1% amid renewed tensions in Hormuz

 Crude oil prices climbed on Tuesday as renewed tensions in the Strait of Hormuz once again raised supply concerns.

Two commercial vessels were hit in the critical waterway overnight. Iranian media reported that ships were attacked by Iranian forces after ignoring multiple warnings. The vessels allegedly attempted to pass through a route designated by Oman with the support of the United States Navy. Iran has repeatedly warned that any ship trying to transit Hormuz through a route not approved by Tehran would be targeted.

West Texas Intermediate (WTI) for August deliveries was up 1.10%, going for $69.36 per barrel at 3:15 am ET. Two minutes later, Brent for September's settlements advanced 1.22%, selling at $72.87 a barrel.

https://breakingthenews.net/Article/Oil-up-1-amid-renewed-tensions-in-Hormuz/66644337