Brent crude prices surged above $90 per barrel today as US-Iran conflict disrupted oil shipments through the Strait of Hormuz. Traders feared tighter global supplies amid market volatility.
Today, the Brent futures rose $2.09, or 2.37%, to $90.19 per barrel. The benchmark reached its highest level since June 11 after gaining 15.9% last week. Meanwhile, US West Texas Intermediate crude advanced $1.71, or 2.07%, to $84.20 per barrel. It also hit its highest level since June 12.
Rising tensions fuel supply concerns
The conflict expanded after the United States launched a ninth consecutive night of attacks on Iran. Meanwhile, Kuwait and Bahrain reported fresh Iranian strikes over the weekend. ING analysts said Brent crossed $90 because violence across the Gulf showed no signs of easing. They warned that continued escalation could trigger broader attacks across the region. Therefore, investors remained concerned about energy supplies and shipping security.
Shipping risks deepen market uncertainty
Iran’s Revolutionary Guard claimed two oil tankers exploded after using a southern Strait of Hormuz route allegedly encouraged by the US military. However, Reuters could not independently verify the claim.
The UK Maritime Trade Operations agency revealed a vessel on fire near Oman’s Kumzar after attack. Only four vessels crossed the strait on Sunday (19 July), compared with eight a day before.
