Brent breaches $90 as Middle East risks mount with U.S-Iran tensions on the rise
Oil prices fluctuated as tensions between the U.S. and Iran escalated following military strikes and casualties. The conflict has raised concerns regarding the security of the Strait of Hormuz, a critical transit route for global oil shipments.
Why it matters
Geopolitical instability in the Middle East directly impacts global energy markets and oil supply chain security.
Oil prices were mixed on Monday, paring gains after Iran's Foreign Ministry spokesman Esmail Baghaei said negotiations with the U.S. could be pursued based on national interests.
Speaking to reporters at a news conference, Baghaei said intermediaries had continued to exchange messages with Iran amid the latest round of U.S. strikes and American military casualties.
International benchmark Brent crude for September delivery was last seen trading 0.4% higher at $88.47 per barrel, having surpassed $90 earlier in the session. U.S. West Texas Intermediate crude for August delivery, meanwhile, dipped 0.2% at $82.36, also erasing gains.
The latest moves come after the U.S. military confirmed a third American service member had been killed in recent operations, while investigators recovered unidentified remains near the site of an Iranian attack in Jordan that had previously left two U.S. personnel dead and another missing.
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