Oil prices rise as ship attacks escalate near Hormuz

Jul 7, 2026, 16:23 GMT+1

Oil prices rose on Tuesday after several vessels were attacked near the Strait of Hormuz, renewing concern over shipping through the key energy route.

Brent crude, the international benchmark, rose about 2.5% to $73.83 a barrel, while US West Texas Intermediate crude was up by a similar amount at around $70 a barrel.

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