Global oil prices rose to a one-month high on Tuesday, as the US launched repeated strikes against Iran and as traffic through the the Strait of Hormuz ground to a near halt.
Brent crude, the global benchmark, gained 1.5% to $84.56 a barrel as of 12:15 p.m. local Hong Kong time, trading at its highest level since June 12. US oil futures rose 1.9% to $79.51 a barrel, adding to a 9% jump on Monday.
Just five commercial vessels, none transporting crude, could be tracked transiting the strait of Hormuz on Monday local time, according to data from Kpler, which tracks shipping movements. That’s appears to be that lowest level of activity since May 30 ––…