Global oil markets faced renewed pressure on Monday as Brent crude prices crossed $90 per barrel amid escalating hostilities between the United States and Iran, raising concerns over disruptions to energy supplies through the strategically important Strait of Hormuz.
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Brent crude futures increased by $2.09, or 2.37 percent, reaching $90.19 per barrel by 0241 GMT, marking the highest level since June 11. The latest rise extended a strong weekly rally, with Brent gaining 15.9 percent last week, its biggest weekly increase since April.
Meanwhile, US West Texas Intermediate (WTI) crude climbed $1.71, or 2.07 percent, to $84.20 per barrel, reaching its highest level since June 12. WTI prices had also recorded their largest weekly gain since early March after rising 15.5 percent last week.
The increase came as tensions in the Middle East intensified, with the United States carrying out a ninth consecutive night of strikes against Iran. At the same time, US allies Kuwait and Bahrain reported additional Iranian attacks, increasing fears of a wider regional conflict.
Analysts warned that continued escalation could further threaten oil flows from the Gulf region. ING analysts said that if attacks continued unchecked, the region could face a return to large-scale military confrontation.
The Strait of Hormuz, through which around one-fifth of global oil supplies normally pass, has become a major focus of the conflict. Both Washington and Tehran have targeted shipping activity, with the US saying it is enforcing a naval blockade on Iranian ports, while Iran has claimed responsibility for stopping vessels that violate its navigation rules.
Iran’s Islamic Revolutionary Guard Corps said two oil tankers had exploded and become disabled after attempting to use what it described as an unsafe route through the Strait of Hormuz. The claim could not immediately be independently verified.
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Maritime monitoring agencies also reported a vessel fire near Oman’s Kumzar area, adding to concerns over shipping security.
Analysts said oil markets remain vulnerable as investors assess whether the disruption will cause a prolonged reduction in regional exports and further tighten global energy supplies.