Brent settles at $84.73 after US strikes on Iran and a renewed naval blockade

Brent crude futures settled at $84.73 per barrel on Tuesday, up 1.72 percent. US West Texas Intermediate settled at $79.34, up 1.5 percent. Spencer Kimball at CNBC reported the moves.

US Central Command said the military launched further airstrikes on Iran and reimposed a blockade on the country's ports and coastal areas at 4pm ET. President Donald Trump dropped his demand that ships pay a 20 percent fee on cargo to transit the Strait of Hormuz, saying Gulf states would invest in the United States instead. The International Maritime Organization has said mandatory tolls in the strait are illegal. Iran's Revolutionary Guard said its forces attacked two supertankers there. ADNOC said projectiles hit two of its tankers, killing one mariner.