The renewed U.S.-Iran war is now being paid for in the oil market and in shipping. Brent crude oil rose 3.9% on July 14 to $86.54 a barrel—a one-month high, up roughly 10% on the week—while U.S. WTI reached $80.35, CNBC reported. Tanker crossings of the Strait of Hormuz—through which roughly a fifth of the world’s oil moves—already fell about 52% week-on-week over July 10-12, the shipping-data firm Kpler reported, as traffic shifted to more “defensive” routing.