Oil rises 2% to one-month high on US-Iran attacks

Brent futures rose US$1.43, or 1.7%, to settle at US$84.73 per barrel, while US West Texas Intermediate (WTI) crude rose US$1.20, or 1.5%, to settle at US$79.34.

NEW YORK: Oil prices climbed about 2% to a one-month high on Tuesday after the US reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.

Before the Iran war about 20% of global oil supplies flowed through the Strait.