Oil exceeds $90 as US-Iran tensions grow
Oil prices rose at the start of Asian trading today amid escalations in the military tensions between the United States and Iran. Brent crude surpassed $90 per barrel, while West Texas Intermediate crude increased by more than 2.5%. This came after American strikes targeted Iranian sites in the Strait of Hormuz, in response to Iranian threats concerning navigation rights. The situation further intensified when Iran responded by attacking two bases inside Jordan. Markets are now focused on developments in military responses and shipping activity through the Strait, amid concerns over potential disruptions to global oil supplies and the growing geopolitical risk premium.
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