Oil prices rose nearly 3% in early Singapore trading on July 14, with Brent crude around $85.20 a barrel and U.S. West Texas Intermediate near $80.05. That left Brent at its highest level in four weeks after a 9.6% gain in the previous session.
Reuters reported that the United States had reimposed naval restrictions on Iran and that U.S. and Iranian forces had stepped up military action in the Strait of Hormuz. Tanker attacks and lower vessel movements added to uncertainty over energy flows.
Ship traffic through the strait fell to 11 vessels on July 12 from 32 on July 10, according to S&P Global data cited in the report, and no ships were observed entering the Persian Gulf that day. The strait is a key route for crude, oil products and liquefied natural gas exports from Gulf producers.
According to energy agency data cited in the report, roughly one-fifth of global oil consumption and more than a quarter of seaborne oil trade typically move through the passage. The latest price levels were the highest since a June 17 memorandum of understanding intended to end hostilities, while market focus remained on whether reduced tanker movements and partial transit restrictions would persist.