Oil prices rise 2% as US blockade on Iran stokes supply fears
Source: Reuters
July 14 (Reuters) - Oil prices rose about 2% to a one-month high on Tuesday after the U.S. reimposed a naval blockade on Iran and as renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
Before the Iran war about 20% of global oil supplies flowed through the strait.
Keeping price gains in check, however, were concerns that those higher energy prices could boost inflation and ultimately reduce economic growth around the world and demand for oil.
Brent crude futures were up $1.72, or 2.1%, at $85.02 per barrel at 10:46 a.m. EDT (1446 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.05, or 1.3%, to $79.19.
Read more: https://www.msn.com/en-us/money/markets/oil-prices-rise-2-as-us-blockade-on-iran-stokes-supply-fears/ar-AA27Tqvu
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