Oil prices hit one-month high amid renewed US-Iran strikes
Oil prices rose about two percent to a one-month high on Tuesday after the US imposed a naval blockade and launched new strikes on Iran.
“The resumption of attacks between the US and Iran is accelerating this week and will likely continue given the additional US bombing overnight that followed reinstatement of a US blockade of the Strait of Hormuz,” energy analysts were reported as saying by Reuters.
Trump withdrew from his proposal on Monday of charging a 20 percent fee on cargo shipped through the strait, saying he would instead take trade and investment deals with the Gulf states.
Trump told reporters at the White House on Tuesday that he did not think anyone should be able to charge a fee for transiting through the Strait of Hormuz.
Ships sailing near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan, on 13 July 2026 (AFP)
