The Globe and Mail reports in its Wednesday edition that oil prices rose 3 per cent on Tuesday and continued to climb after the United States revoked the licence for Iranian crude oil sales. A Reuters dispatch to The Globe reports that as well, reports of vessel attacks near the Strait of Hormuz heightened concerns about shipping disruptions. Brent crude futures settled up $2.17, or 3.01 per cent, to $74.16 a barrel, while U.S. West Texas Intermediate crude rose $1.89, or 2.76 per cent, to $70.44 a barrel (all figures U.S.). In postsettlement trade, Brent climbed $1.87 to $76.03, and WTI jumped $1.76 to $72.2 at 3:26 p.m. ET after the U.S. revoked the licence. Both benchmarks were up more than 5 per cent from the previous day's settlement prices. The U.S. called Iran's actions in the strait "wholly unacceptable" and warned of consequences following attacks on tankers. The U.S. move came after three tankers were hit in the Strait of Hormuz on Tuesday, including a Qatari liquefied natural gas carrier that Qatar said was struck by an Iranian drone. A Saudi-flagged crude oil tanker, thought to be the supertanker Wedyan, was damaged off Oman. If Iran merely threatens to close the strait, prices will spike considerably.