Oil jumps 2% to 4-week high after US-Iran blockade

Crude oil prices jumped 2% on Monday, July 14, reaching their highest level in four weeks. The move came after the United States imposed a naval blockade on Iran, escalating military tensions in the Strait of Hormuz. Traders cited the disruption risk to tanker traffic through the narrow waterway as the primary driver. The White House said the blockade was a response to recent attacks on commercial vessels in the Gulf. No further details on the blockade's scope or duration were released. Iran's foreign ministry called the action a violation of international law and warned of retaliation. The jump pushed crude oil above $83 a barrel, a level not seen since mid-June. The rally extended through the afternoon session as traders priced in a higher probability of supply disruptions. No other major oil producers have announced output changes.