US Navy Blockade on Iran Sends Oil Prices to One-Month High

Oil prices surged nearly two percent on Tuesday, reaching their highest level in a month after the United States reinstated a naval blockade on Iran. The move restricts oil shipments through the Strait of Hormuz, a critical passage for global crude supplies. Brent crude futures settled at $84.73 per barrel, up $1.43, or 1.7 percent. U.S. West Texas Intermediate crude also rose sharply. The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the open ocean. About one-fifth of the world’s oil passes through it daily. The blockade disrupts tanker traffic, tightening global supply and driving prices higher.