Oil climbs past $90 as Middle East conflict keeps Strait of Hormuz shut
Oil prices have risen above $90 per barrel due to escalating tensions between the US and Iran and the continued closure of the Strait of Hormuz. Market uncertainty is further compounded by failed mediation efforts and reports of tanker attacks in the region.
Why it matters
Disruptions in the Strait of Hormuz threaten global energy supplies, potentially leading to increased fuel costs and economic instability.
Oil prices inched higher on Tuesday after renewed tensions between the US and Iran brought the risk of supply disruptions in the Middle East back to the forefront.Brent crude rose 55 cents, or 0.61%, to $91.04 while WTI crude was up 79 cents, or 0.92%, at $86.55 a barrel, around 7:30 am IST.The latest rise came after a sharp jump in the previous session. Brent ended Monday 2.7% higher, having earlier touched its strongest level since August 25. WTI settled 2.8% higher after reaching its highest since August 21.The renewed concerns followed the first direct exchange of attacks between the US and Iran in a month on Sunday. US President Donald Trump on Monday threatened further strikes against Iran, escalating tensions after the conflict had recently shifted towards an economic standoff.For oil markets, the situation around the Strait of Hormuz remains a key concern.
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