Oil prices climb after reported Iranian attack on commercial ships in Strait of Hormuz

Oil prices rose on Tuesday morning following a report of an Iranian attack on commercial ships in the strategically vital Strait of Hormuz.

The reported attacks in the waterway, which typically handles around 20% of the world's oil traffic, reaffirm the fragility of the U.S. and Iran's interim peace agreement, as they negotiate a permanent end to their war.

International benchmark Brent crude futures with September delivery were last seen trading 1.2% higher at $72.85 per barrel, paring earlier gains.

U.S. West Texas Intermediate futures with August delivery advanced 1% to $69.26, after closing a