Crude oil prices jump to one-month high after 10% rally as US-Iran war escalates; Brent oil near $85 a barrel

Crude oil prices surged around 2% on 14 July to their highest level in four weeks, driven by the US reinstating its naval blockade of Iran and escalating attacks near the Strait of Hormuz. Brent crude gained $1.68 or 2% to $84.98 per barrel, while WTI advanced $1.65 or 2.1% to $79.79 per barrel. Brent had already jumped 9.6% in the previous session, its biggest single-day gain since May 2020.