Renewed US-Iran Tensions Push Brent Crude to One-Month High

Brent crude oil prices surged to a one-month high above $86 a barrel today after President Trump announced the U.S. would reinstitute a military blockade in the Strait of Hormuz. This development follows the collapse of a ceasefire between the U.S. and Iran last week, which had initially led to a retreat in gasoline prices in June. Renewed geopolitical tensions pose an upside risk to inflation.