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Evening Standard
Evening Standard
Business
Holly Williams

Oil prices rise further as Iran blocks vital shipping route

Oil Iran United States British Petroleum Shell Strait of Hormuz
Oil prices have risen further as the Middle East conflict intensified (Joe Giddens/PA) - (PA Media)

Oil prices have risen further as the Middle East conflict intensified and after Iran took action to block a crucial shipping route for crude tankers.

Brent crude rose by more than another 3% on Tuesday to stand at a one-year high of 80 US dollars a barrel, having soared by as much as 13% at one stage on Monday, rising above 82 dollars a barrel, before paring back.

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