Commodities: U.S. Continues Airstrikes on Tehran and Reimposes Blockade on Iranian Ports; Oil Prices Rise

Oil prices rose in volatile trading on Wednesday (15th) after U.S. forces launched another airstrike on Tehran, and Washington reinstated a naval blockade targeting Iranian ports near the Strait of Hormuz. West Texas Intermediate (WTI) crude oil futures for August delivery gained 1.01%, settling at $80.14 per barrel. September Brent crude futures rose 1.23%, closing at $85.77 per barrel. U.S. Central Command stated that, late Tuesday night (14th) local U.S. time, it conducted a new round of airstrikes against Iran lasting seven hours, targeting dozens of military sites near the Strait of Hormuz and along Iran’s coastline. Central Command added that the operation involved fighter jets, drones, and naval

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