Oil Jumps 2% to One-Month High as US Reinstates Hormuz Blockade
Oil prices surged 2% on Tuesday, with Brent hitting $84.73 a barrel and WTI $79.34, after the United States reimposed a naval blockade on Iran in the Strait of Hormuz. The move threatens the flow of roughly 20% of global oil through the chokepoint, raising inflation risks and dampening growth outlooks.