Oil surpasses $90 amid Strait tensions

Oil prices fell sharply after tensions between the US and Iran escalated, during which a person was killed, oil facilities were attacked, and fires broke out on ships in the Strait of Hormuz. This led to a more than 4% increase in Brent prices before they retreated, trading above $90 per barrel — the highest level since mid-June. Iran also halted four unidentified ships attempting to pass through the strait, and the attacks targeted oil interests in Kuwait. These events caused a deterioration in global supplies, which reached their lowest levels except in China, increasing risks to the oil markets. The military escalation continued, with attacks expanding to include vital facilities and infrastructure, raising fears of sustained high energy prices and a prolonged supply crisis.

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