Oil Prices Scale One-month High On Hormuz Tensions

India, July 14 -- Oil prices rose sharply to hit a one-month high on Tuesday amid escalating U.S.-Iran tensions.

Brent crude futures jumped nearly 4 percent to $86.30 a barrel, bringing gains for the week to more than 11 percent. WTI crude futures were up 2.6 percent at $80.16.

Supply concerns returned to the fore after U.S. President Donald Trump reimposed a blockade on Iranian ships transiting the Strait of Hormuz and proposed to impose a 20 percent fee on all cargo passing through the vital waterway for guarding it.

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Published by HT Digital Content Services with permission from RTT News....