Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and announced plans to charge ships a 20 per cent toll on all cargo transiting the Strait of Hormuz.
Brent crude futures rose 2.1 per cent to $85.11 a barrel in early Tuesday trading, while West Texas Intermediate, the US crude benchmark, gained 2.3 per cent to $79.91 a barrel, extending gains after Brent surged 9.6 per cent in the previous session – its biggest single-day rise since May 2020.
