Oil prices rose on Tuesday as renewed strikes between the United States and Iran and growing tensions surrounding the Strait of Hormuz fueled investors’ concerns. US President Donald Trump said Washington’s “very strong” blockade of Iran in the strategic waterway was “more effective” than military strikes. The US military is expected to begin enforcing the blockade on Iranian ports and vessels on July 14 at 3:00 pm ET. Meanwhile, Iran introduced a bill aimed at ensuring the security and “sustainable progress” of the Strait of Hormuz and the Persian Gulf, warning that further measures would follow. West Texas Intermediate (WTI) for deliveries in August rose by 3.07% and went for $80.54 per barrel at 3:57 am ET. Meanwhile, Brent for September settlements increased by 3.36%, going for $86.10 per barrel at the same time.