Global crude oil prices rose sharply on Monday, climbing more than 9 percent to reach their highest level in a month. The surge followed renewed tensions in the Strait of Hormuz and the United States’ announcement to reinstate a naval blockade against Iran starting Tuesday at 4 p.m. Washington time. The blockade had previously been lifted in mid-June.

Analysts from Gelbar & Associates said President Trump’s new restrictions on Iranian maritime movements, retaliatory attacks, and reduced shipping through the Hormuz Strait have heightened short-term concerns over energy supply. Brent crude closed up by $7.29, or 9.59 percent, at $83.30 per barrel, while West Texas Intermediate (WTI) rose $6.73, or 9.42 percent, to $78.14 per barrel.

Brent recorded its largest single-day dollar gain since April 2 and its highest closing price since June 12. WTI also saw its biggest daily increase since April 29 and reached its highest closing level since June 15, reflecting market anxiety over potential supply disruptions.