Oil rises past $90 amid regional tensions
Oil prices surged by over 1.8% following the American attack on an Iranian island in the Strait of Hormuz, which prompted Iran to retaliate with attacks on two airbases in Jordan. Crude futures for Brent rose above $90.18 per barrel, while West Texas Intermediate reached $85.37, with expectations of further increases if the escalation continues, potentially pushing prices up to $93.50. International negotiations to reopen the Strait of Hormuz, through which 20% of global oil supplies pass, are stalling amid a drop in the number of ships passing through the strait to five per day, out of fear of attacks.
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