The oil market continues its fluctuation as a result of instability in the Strait of Hormuz.
The price of a barrel of Brent crude, the international standard, rose 87 cents to $72.86 a barrel. That’s close to where it was before the United States and Israel attacked Iran in late February, sending prices spiking.
The stability of supplies remains uncertain. A tanker traveling off the coast of Oman in the Strait of Hormuz caught on fire early Tuesday morning after being struck by a projectile, the British military said.
The attack was the latest targeting a vessel moving through the narrow mouth of the Persian Gulf, through which a fifth of all oil and natural gas traded once passed in peacetime. Iranian state television said the liquefied natural gas tanker came under attack after ignoring warnings but did not directly claim the assault.
U.S. benchmark crude added 69 cents to $69.24 a barrel.
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