Oil prices have increased following renewed US-Iran hostilities involving naval blockades and retaliatory strikes. Brent and West Texas Intermediate crude reached their highest levels in weeks amid supply disruptions.
President Donald Trump reimposed naval blockades on Iranian ports. Iran responded with strikes on United States infrastructure in the region.
The attacks have deepened supply disruptions in the Strait of Hormuz. Brent and West Texas Intermediate crude oil prices climbed to their highest levels in weeks.
Hostilities have reignited doubts about achieving a permanent halt to the ongoing conflict.
