Oil Prices Continue Ascent, Reaching Highest Levels in Over a Month

Oil prices witnessed a significant rise on Tuesday, with Brent crude futures exceeding $87 per barrel in afternoon trading. By 12:25 PM Baghdad time, Brent crude futures for September delivery climbed by 4.5% to reach $87.05, marking its highest level since June 12, and the first of its kind in over a month. Similarly, West Texas Intermediate (WTI) crude futures for August delivery rose by 3.52%, registering $80.89 per barrel, amidst a state of anticipation in energy markets. This ascent coincides with the United States re-imposing its naval blockade on Iran and the escalation of attacks by both countries in the strategic Strait of Hormuz.