Oil prices rise about 3% on global markets

Global oil prices rose about 3% amid renewed escalation between the United States and Iran and concerns over supplies through the Strait of Hormuz.

September Brent crude futures rose to $76.53 a barrel, while August WTI futures climbed to $72.64 a barrel.

The increase came as geopolitical risks returned after new U.S. strikes on Iran and Tehran’s statements about attacks on U.S. facilities in the region. The Strait of Hormuz remains one of the key routes for global oil supplies.

N.Tebrizli