Oil prices continued to climb on Tuesday, hitting their highest levels in a month, as an escalating pattern of strikes and counter strikes between the United States and Iran rattled markets.
Brent crude, the international benchmark, breached $85 per barrel for the first time in a month. Analysts at the Eurasia Group said that the latest burst of fighting this week was likely to cause ship traffic in the Strait of Hormuz to fall to 5 to 15 percent of what it was before the war began. As a result, they expected oil to trade at a price of up to $95 a barrel because of the disruptions.
