Brent crude held above $90 a barrel on Monday as renewed fighting between the United States and Iran revived concerns over oil supplies through the Strait of Hormuz, adding fresh pressure to a market that has already been closely watching the conflict.
Brent futures rose more than 2% in early trading, reaching about $90.31 a barrel, while U.S. West Texas Intermediate crude rose more than 2% to around $85.23.
The latest move followed U.S. strikes on two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday. Iran subsequently attacked two U.S. air bases in Jordan, according to Iranian media citing the Revolutionary Guards.
The strikes represent a renewed escalation in the conflict, which has already disrupted oil flows through the strategic waterway and kept the global energy market on alert.
The Strait of Hormuz remains central to the oil outlook because of the volume of crude and petroleum products normally transported through it. Any further deterioration in maritime security could limit shipments and add another supply risk to the global market.
The latest increase also reverses some of the easing seen in oil prices last week, when diplomatic efforts between Washington and Tehran had raised hopes of reduced tensions around the waterway. Reuters reported that oil prices had fallen sharply last week on those expectations.
For now, the market is watching whether the latest military exchange remains limited or develops into a wider confrontation capable of further restricting shipping through Hormuz.
That distinction could determine whether Brent’s move above $90 is temporary or marks the beginning of another sustained rise in crude prices.
