Oil rises above $90 amid Middle East tensions
Oil prices surged significantly due to escalating attacks in the Middle East, with Brent crude surpassing $90 per barrel for the first time since June, rising by 3.05% to $90.79. Meanwhile, West Texas Intermediate reached $84.68, up by 2.65%. The price increases come amid rising tensions between the United States and Iran, following attacks by Iran on oil facilities and Washington's announcement of imposing a naval blockade on Iranian ports. This has disrupted the passage of oil shipments through the Strait of Hormuz, which accounts for about 20% of global oil trade. Data also indicate a decline in the number of ships transiting the strait, reflecting heightened tensions and increasing the likelihood of disruptions to global oil supplies.
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