Oil hits one-month high as U.S., Iran step up attacks in Strait of Hormuz
Oil prices surged nearly 3% to their highest level in four weeks, with Brent crude reaching $84.80 per barrel and U.S. West Texas Intermediate at $79.84 per barrel. The increase follows the U.S. reimposing its naval blockade of Iran amid escalating tensions in the Strait of Hormuz. This rise in oil prices reflects the market's reaction to the heightened conflict between the two nations.