FX.co ★ Oil Prices Rise for 3rd Session

Crude oil climbed above $79 a barrel on Wednesday, marking a third straight session of gains and reaching a one-month high, as escalating tensions in the Middle East intensified concerns over supply. The advance followed a new round of US strikes against Iran and the reimposition of a naval blockade on Iranian ports near the Strait of Hormuz. Over a seven-hour operation, US forces targeted dozens of military assets along Iran’s coastline and near the key shipping chokepoint, in an effort to diminish Tehran’s capacity to disrupt traffic through the Strait. President Trump also vowed to step up military operations until Iran ceases its attacks on vessels in the area and agrees to fully reopen the waterway. Separately, on Tuesday, Trump dropped plans to levy a 20% fee on cargo transiting Hormuz, contending that any lost revenue would be more than compensated by future investment from Gulf states in the United States.