London, July 08 (QNA) - Crude oil prices rose by more than seven percent today, after US President Donald Trump threatened to launch new strikes on Iran.
Brent crude futures rose $5.93, or 8 percent, to $80.09 a barrel, their highest level since Jun. 22. US West Texas Intermediate crude rose $5.25, or 7.5 percent, to $75.69 a barrel, also its highest level in more than two weeks.
The renewed escalation in the Middle East has revived concerns about the movement of oil tankers through the Strait of Hormuz, especially after some ships were hit near the strait. After the United States and Iran signed a ceasefire agreement last month, oil prices fell back to pre-war levels. (QNA)