Oil prices hit a one-month high as shipping traffic through the Strait of Hormuz plummets amid escalating U.S.-Iran conflict, sending gasoline prices near $4 a gallon in the U.S. and prompting China to raise fuel prices effective July 18.

Watch List

• UK North Sea Drilling Reversal: Incoming Prime Minister Andy Burnham is poised to approve Jackdaw gas and Rosebank oil projects, signaling a pivot from the previous government's net-zero stance.
• **EU Carbon Market...