Oil climbs to one-month high as US, Iran step up attacks in Strait of Hormuz

Oil prices rose 2 per cent on Tuesday (Jul 14) to their highest in four weeks, as the US reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows.Brent crude futures climbed US$1.68, or 2 per cent, to US$84.98 per barrel by 12.51am GMT (8.51am, Singapore time), while US West Texas Intermediate crude rose US$1.65, or 2.1 per cent, to US$79.79 a barrel. Brent crude surged 9.6 per cent in the previous session, its biggest daily gain since May 2020.Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on Jun 17.Two United Arab Emirates tankers were hit by two Iranian cruise missiles in the southern lane of the Strait of Hormuz in Omani territorial