July oil prices jump 20% amid renewed U.S.-Iran tensions
Business
Oil prices shot up 20% in July, mainly because the US and Iran are butting heads again.
Brent crude is now close to $88 a barrel, and WTI sits around $82.
People are worried about supply disruptions, so energy costs are climbing fast.
IMF warns Hormuz instability threatens economies
The Strait of Hormuz, where a huge chunk of the world's oil travels, has become a hotspot.
Even with more ships moving through, instability here could mess with global economies, according to the International Monetary Fund.
Meanwhile, Saudi Arabia is leading a group of 43 countries to protect Red Sea navigation after attacks and blockades by Houthi militants and other strikes have rattled energy markets.