Oil prices may be days away from another steep rise into triple-digit territory as a fresh blockade of the Strait of Hormuz heaps pressure on already depleted global energy supplies that analysts warn could hit critical levels within weeks.
The front-month futures contract for Brent Crude – used by traders to gauge market sentiment – has surged almost 17 per cent in July as strikes resumed across the Middle East and US President Donald Trump reinstated a blockade of the strait despite signing an interim deal to end the war less than a month ago.
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