Oil Prices Hit Three-Week High as U.S.-Iran Tensions Escalate Over Strait of Hormuz

TLDR

• Brent crude rose to $91.50 and WTI climbed to $85.22, hitting three-week highs
• Trump refused to extend the Iran ceasefire that expired Monday, sending prices higher
• A vessel was struck by a projectile in the Strait of Hormuz, according to UK maritime authorities
• Iran detained a UAE-linked tanker for allegedly violating transit rules in Hormuz
• Commercial shipping through Hormuz remains at a fraction of pre-war levels

Oil prices climbed to their highest levels in nearly three weeks on Tuesday as tensions between the U.S. and Iran showed no sign of easing in the Strait of Hormuz.

Brent crude futures rose 0.7% to $91.50 a barrel. West Texas Intermediate crude gained 0.85% to reach $85.22 a barrel. Both contracts were at their strongest levels since July 30.

The moves came after President Donald Trump said the U.S. would not extend a ceasefire with Iran. That agreement was signed in mid-June and expired on Monday.

Trump also repeated his claim that the U.S. holds full control over the Strait of Hormuz. Iran has denied this.

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