Oil rises 3%, Brent crude closes above $74

Oil drilling rigs

Oil prices rose at the close of trading on July 7, after attacks targeting ships in the Strait of Hormuz renewed concerns about disruption to shipping through one of the world's most important energy chokepoints.

The UK Maritime Trade Operations confirmed that two oil and gas tankers were attacked while passing through the Strait of Hormuz today, and reports indicated that the Iranian Revolutionary Guard targeted a third commercial vessel.

A US official told Reuters that the United States had suspended a license that allowed Iran to export oil in response to these attacks, warning Tehran of the consequences of these developments.

Simultaneously, the Joint Maritime Information Center, a US-led maritime coalition, raised the threat level for ships transiting the Strait of Hormuz to "severe".

On the Iranian side, Foreign Minister Abbas Araghchi said in previous statements that talks with the United States would not resume if American threats continued, following the US president's threat to "finish the job" if a final peace agreement was not reached.

*Settlement on July 7.