Oil prices rise as United States and Iran escalate military actions in Hormuz Strait

Oil prices rose 2% on Tuesday to their highest level in four weeks, as fighting between the United States and Iran grew worse near the Strait of Hormuz. The U.S. military attacked Iran on two consecutive nights and reimposed a naval blockade on Iranian ships. Iran struck back, hitting two tankers from the United Arab Emirates with cruise missiles. One Indian crew member died and eight others were injured. The number of ships passing through the strait fell to its lowest point in two months. Oil reached around $80 per barrel. President Trump also proposed a 20% fee for countries that want the U.S. to protect the waterway. The trouble began after a ceasefire agreement, signed on June 17, broke down.