Oil tanks
Oil prices rose during trading today, July 14, reaching their highest levels in four weeks, after the US imposed naval blockade on Iran following an exchange of attacks between the two sides in the Strait of Hormuz. 
Both contracts had earlier added more than $2 a barrel before paring gains. In the previous session, Brent crude posted a 9.6% increase, marking its biggest daily gain since May 2020, Reuters reported.
These developments come after the US military carried out airstrikes for the third night in a row against Iranian targets, coinciding with US President Donald Trump’s decision to reimpose a blockade on Iranian shipping and propose a 20% fee to protect the Strait of Hormuz.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
84.90
1.60
1.90%
WTI (August delivery)
79.83
1.69
2.15%
The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data from the US Energy Information Administration on July 15.
Oil tanks
Oil prices rose during trading today, July 14, reaching their highest levels in four weeks, after the US imposed naval blockade on Iran following an exchange of attacks between the two sides in the Strait of Hormuz.
Both contracts had earlier added more than $2 a barrel before paring gains. In the previous session, Brent crude posted a 9.6% increase, marking its biggest daily gain since May 2020, Reuters reported.
These developments come after the US military carried out airstrikes for the third night in a row against Iranian targets, coinciding with US President Donald Trump’s decision to reimpose a blockade on Iranian shipping and propose a 20% fee to protect the Strait of Hormuz.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
84.90
1.60
1.90%
WTI (August delivery)
79.83
1.69
2.15%
The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data from the US Energy Information Administration on July 15.
