Oil price today: Crude remains above $90 as Hormuz operations remain disrupted
Oil prices remain elevated above $90 per barrel as market uncertainty persists regarding the US-Iran conflict and shipping disruptions in the Strait of Hormuz. Despite rising US crude inventories, geopolitical tensions continue to drive market sentiment.
Why it matters
Fluctuations in oil prices directly impact global inflation, transportation costs, and energy security for major economies.
Oil prices remained close to recent highs, above the $90 per barrel mark in early trade on Thursday as investors assessed uncertainty surrounding the US-Iran war and the shipping status through the Strait of Hormuz.Around 7:30 am IST, WTI crude was trading at $84.66 a barrel, up 27 cents or 0.32%, while Brent crude stood at $92, gaining 38 cents or 0.41%.The benchmarks extended their recent gains on Wednesday, with both Brent and WTI settling at their highest levels since July 24.
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