Oil prices recover modestly with Brent $84.39 and WTI $80.95
Business
Oil prices saw a small recovery on Tuesday after taking a hard hit from the ongoing U.S.-Iran tensions.
Brent crude went up by $0.62 to $84.39 per barrel, and US WTI rose by $0.61 to $80.95, both climbing about 0.7% after sharp falls the previous session.
Hormuz tensions force longer tanker routes
Most of the worry is coming from the Strait of Hormuz, a narrow waterway that handles around 20% of all global oil shipments.
The US says Iran should guarantee safe passage there (thanks to a June agreement), but Iran disagrees, making things tense for everyone shipping oil through the area.
Separately, some Saudi tankers are now taking longer routes around Africa, which means higher costs and delays, and it is keeping oil prices from fully bouncing back just yet.