Oil climbs to one-month high as US, Iran step up attacks in Strait of Hormuz

Brent crude climbed 2% to $84.98 per barrel and US WTI rose 2.1% to $79.79, reaching a one-month high after Brent surged 9.6% in the prior session, its biggest daily gain since May 2020. Prices rose on escalating US-Iran tensions, with Iran firing cruise missiles at two UAE tankers in the Strait of Hormuz killing one Indian crew member, the US reinstating its blockade of Iranian shipping, and the US launching a third consecutive night of strikes against Iran. Analysts warned that further attacks by Houthis on Saudi crude infrastructure could add to supply uncertainties.