Oil prices jump 5% as Brent futures reach $87.3
Oil prices have risen to their highest level in four weeks due to escalating tensions in the Strait of Hormuz, following the United States’ reimposition of its naval blockade on Iran and the increase in attacks between the two countries. This has led to a 4.8% jump in Brent crude to $87.3, and West Texas Intermediate crude rising to $80.93 per barrel. China's crude oil imports declined by 41% in June to their lowest level since 2016, while its imports of natural gas and coal increased during the same month.
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