Oil prices rise above $90 amid U.S.-Iran tensions
Oil prices have risen by more than 2%, with Brent crude surpassing the $90 per barrel level, due to escalating military confrontation between the United States and Iran. This included US strikes on two launch platforms on Iran’s Larak Island in the Strait of Hormuz. This escalation heightens fears of a disruption in oil supplies through the strait, which handles about one-fifth of global oil shipments, thereby increasing risks to energy markets' stability. Although oil prices fell by more than 4% in August, concerns over stalled negotiations and the potential closure of the strait have driven prices higher, threatening to increase global inflationary pressures and forcing central banks into a dilemma between maintaining price stability or supporting economic growth.
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