FX.co ★ Oil Prices Back on the Rise

Crude oil climbed above $79 a barrel on Tuesday after the US military carried out additional airstrikes against Iran, as Washington prepared to reimpose a blockade on the country’s ports and coastal waters. Prices later eased from the session highs after President Donald Trump dropped plans to levy a 20% fee on cargo passing through the Strait of Hormuz under US military protection. Trump said the anticipated revenue would be replaced by future investment flows into the United States. “I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,” Trump wrote on social media, a day after unveiling the fee. Tensions in the region remained high, with Iran’s Revolutionary Guard claiming responsibility for attacks on two oil tankers transiting the Strait of Hormuz without active tracking signals. The UAE’s ADNOC reported that two vessels were struck while crossing the waterway.