Oil Prices Rise Above $90 Per Barrel Following Escalation In US-Iran Crisis
Global oil prices have surged past $90 per barrel following a military escalation between the United States and Iran in the Strait of Hormuz. The conflict has raised concerns about supply chain stability and the potential for further geopolitical instability.
Why it matters
Energy market volatility directly impacts global inflation and economic stability, particularly when key shipping chokepoints are threatened.
The rise came a day after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, marking its first strikes on Iran in a month.
Oil prices rose more than two per cent on Monday, with Brent crude, the international benchmark, climbing above $90 a barrel following a fresh escalation in the US-Iran conflict.
Brent North Sea crude was up 2.5 per cent at $90.26 per barrel, while West Texas Intermediate rose 2.5 per cent to $85.51 per barrel at about 1330 GMT.
Iran retaliated by targeting US military installations in Jordan.
US President Donald Trump said on Monday that the United States would respond to Iranian attacks on US targets in the Middle East, according to Fox News.
The exchange came shortly after the US-Iran war reached its six-month mark and as hostilities had appeared to be subsiding.
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